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{{Business administration}}
A '''joint-stock company''' (JSC) is a [[business entity]] in which shares of the company's [[capital stock|stock]] can be bought and sold by [[shareholder]]s. Each shareholder owns company stock in proportion, evidenced by their [[share (finance)|shares]] (certificates of ownership).<ref>{{cite book |title=The Law of Private Companies |edition=2nd |first1=Thomas B. |last1=Courtney |year=2002 |isbn=1-85475-265-0 |page=26|publisher=Butterworths }}</ref> Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.<ref>{{cite book |last1=Lehman |first1=Jeffrey |last2=Phelps |first2=Shirelle |title=West's Encyclopedia of American Law, Vol. 1 | edition=2 |date=2005 |publisher=Thomson/Gale |location=Detroit |isbn=9780787663742 |page=117}}</ref>
In modern-day [[corporate law]], the existence of a joint-stock company is often synonymous with [[incorporation (business)|incorporation]] (possession of [[legal personality]] separate from shareholders) and [[limited liability]] (shareholders are liable for the company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as [[corporation]]s or [[limited company|limited companies]].
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