joint-stock company

joint-stock company

[joint-stok]
noun
1.
an association of individuals in a business enterprise with transferable shares of stock, much like a corporation except that stockholders are liable for the debts of the business.
2.
British. an incorporated business with transferable shares and with shareholders having either limited or unlimited liability for debts of the business.

Origin:
1800–10

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
joint-stock company
 
n
1.  (Brit) a business enterprise characterized by its separate legal existence and the sharing of ownership between shareholders, whose liability is limited
2.  (US) a business enterprise whose owners are issued shares of transferable stock but do not enjoy limited liability

Collins English Dictionary - Complete & Unabridged 10th Edition
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Encyclopedia Britannica
Encyclopedia

joint-stock company

a forerunner of the modern corporation that was organized for undertakings requiring large amounts of capital; money was raised by selling shares to investors, who became partners in the venture. One of the earliest joint-stock companies was the Virginia Company, founded in 1606 to colonize North America. By law, individual shareholders were not responsible for actions undertaken by the company, and, in terms of risk exposure, shareholders could lose only the amount of their initial investment. See also corporation.

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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