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3. The joint-stock company must bring suit in the names Of all the members, and, if it is sued, only those members who are served with process can be held. There are cases where the danger of partnership liability is too remote to trouble the members, and in such cases the joint-stock company secures the same advantage of stock and transferable stock certificates as does the corporation. The form could not be used where stock is to be sold to investors as these would not risk the partnership liability involved. Practically, the joint-stock organization is rarely used in this country. In Great Britain and the British colonies, it is quite common. From a financial standpoint the British joint-stock company is practically the same as the American corporation. The words "company" or "corporation" will hereafter be used interchangeably and refer to either. Associations Under Deeds of Trust Various experiments have been tried at different times in the way of carrying on business through trustees. It was long ago decided in England that the actual owners of the property could not be held liable as partners if the property was in trust and the business carried on by trustees. The Standard Oil Company, the Sugar Trust, and the Bay State Gas Company in this country were all organized as trusts. A board of trustees took over the stock of the constituent companies and issued trust certificates to the owners. Thereafter, until the courts declared such organizations illegal, these boards of trustees dominated their respective industries. The courts decided that trusts of this nature were illegal, not because of any objection to their form of organization, but because their chiei object was to restrict competition....