91. Discuss the features of joint stock company
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Answers
Everything you need to know about the features and characteristics of a joint stock company. “A Company is a voluntary association or organization of many persons who contribute money or money’s worth to a common stock and employ it in some trade or business and who share the profit or loss arising therefrom”- James Stephensen.
A more comprehensive definition will, however, be one that indicates all the essential features of a company.
As an attempt in this direction, a company may be defined as an artificial person (being an association of natural persons) recognised by law, with a distinctive name, a common seal, a common capital comprising transferable shares of fixed value carrying limited liability, and having a perpetual (continuous, uninterrupted) succession.