Define joint stock company and its characteristics
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A company is a legal entity formed by a group of individuals to engage in and operate a business—commercial or industrial—enterprise. ... The line of business the company is in will generally determine which business structure it chooses such as a partnership, proprietorship, or corporation
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A Joint Stock Company is a voluntary association of persons to carry on the business. The Companies Act 1956 defines a joint stock company as an artificial person created by law, having separate legal entity from its owner with perpetual succession and a common seal.
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