Although the modern business corporation has been known for only about 350 years, collective bodies similar to corporations were created by the Greeks as early as the time of Solon (638?–559 b.c.). The Romans also gradually developed similar institutions. Corporations were established in Britain after the Roman conquest and were subsequently recognized by English law. The first modern corporations were the great English trading companies, such as the East India and Hudson's Bay companies, formed in the 17th century.