joint-stock company

joint-stock company definition - business

joint-stock company

A rare type of business organization characterized by some features of a partnership and some features of a corporation. Shares are transferable and the company is assessed taxes according to corporate tax rates. However, the liability of each owner is unlimited. Joint-stock companies are established primarily because of the ease with which they are formed.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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