A form of business organization that falls between a corporation and a partnership The company sells stock, and its shareholders are free to sell their stock, but shareholders are liable for all debts of the company
Company owned jointly by a number of shareowners All companies listed on the JSE are not only joint stock companies, with limited liability, but are also public companies in that they have more than 50 shareholders The shares of a public joint stock company are readily transferable from one person to another and can conveniently be marked on a stock exchange
In common law countries, an unincorporated assocation of persons whose ownership interests are represented by transferable shares The shareholders in such a company have unlimited personal liability