Predecessor To The Bell Company
The Bell Patent Association (a name later assigned by historians), was technically not a corporate entity but a trusteeship and a partnership, and was first established verbally in 1874 to be the holders of the patents produced by Bell and his assistant Thomas Watson.
Approximate one-third interests were at first held by Gardiner Greene Hubbard, a lawyer and Bell's future father-in-law; Thomas Sanders, the well-to-do leather merchant father of one of Bell's deaf students (and who was the very first to enter into an agreement with Bell); and finally by Alexander Graham Bell himself. Hubbard would subsequently register some of his shares with two other family members. An approximate 10% interest of the patent association was later assigned by its principals to Bell's technical assistant Thomas Watson, in lieu of salary and for his earlier financial support to Bell while they worked together creating their first functional telephones.
The verbal Patent Association agreement was first formalized in a memorandum of agreement on February 27, 1875. The Patent Association's assets would later became the foundational assets of the Bell Telephone Company.
Read more about this topic: Bell Telephone Company
Famous quotes containing the words bell and/or company:
“Those feelings of envy are familiar to many of us. We see our children accomplishing things that we’ve always been afraid to try, or we give them opportunities that we never had, and we find ourselves feeling jealousy mixed with our pride, or we feel resentful when they take it all for granted.”
—Ruth Davidson Bell (20th century)
“The company of women of fashion will improve your manners, though not your understanding; and that complaisance and politeness, which are so useful in men’s company, can only be acquired in women’s.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)