Joint-Stock Company or Corporations:

A joint-stock company is a type of business organization which the law recognizes as having a separate entity from those who formed it. This means that the business can be treated as a person who can sue and be sued. It is at times referred to as limited liability company because the liabilities of the owners are limited to their

contributions to the capital of the company. The join-stock company is managed by a board of directors usually appointed by the shareholders. There are two types of joint-stock companies:

•  Private joint-stock companies
•  Public joint-stock companies