Virginia Company  The Virginia Company refers collectively to two joint-stock companies chartered under James I on April 10, 1606 with the goal of establishing settlements on the coast of North America. The two companies are referred to as the "Virginia Company of London" (or the London Company) and the "Virginia Company of Plymouth" (or the Plymouth Company), and they operated with identical charters in different territories. The charters established an area of overlapping territory in North America as a buffer zone, and the two companies were not permitted to establish colonies within 100 miles of each other. The Plymouth Company never fulfilled its charter, but its territory was claimed by England and became New England. As corporations, the companies were empowered by the Crown to govern themselves. This right was passed on to the colony following the dissolution of the third Charter in 1621. The Virginia Company failed in 1624, but the right to self-government was not taken from the colony. The principle was established that a royal colony should be self-governing, and this is credited with forming the genesis of democracy in America. The original charter by King James in 1606 did not mention a Virginia Company or a Plymouth Company; these names were applied somewhat later to the overall enterprise. The Charter of 1609 stipulates two distinct companies: that they shoulde devide themselves into twoe collonies, the one consistinge of divers Knights, gentlemen, merchaunts and others of our cittie of London, called the First Collonie; and the other of sondrie Knights, gentlemen and others of the citties of Bristoll, Exeter, the towne of Plymouth, and other places, called the Second Collonie. The eastern seaboard of America was named Virginia from Maine to the Carolinas; Florida was under Spanish dominion. As corporations, the companies were empowered by the Crown to govern the colonies; this right was not conferred onto the colonies until the dissolution of the third Charter in 1621. The Virginia Company failed in 1624, following the widespread destruction of the Great Massacre of 1622 by indigenous peoples in the colony, which decimated the English population. But the right to self-government was not taken from the colony. The principle was thus established that a royal colony should be self-governing, forming the genesis of democracy in America. By the terms of the charter, the London Company was permitted to establish a colony of 100 miles square between the 34th and 45th parallels, approximately between Cape Fear and Long Island Sound. It also owned a large portion of inland Canada.