in coporation of joint stock company
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At present, company law the existence of a joint-stock company is often identical with incorporation (i.e. possession of authorized personality separate from shareholders) and limited liability (meaning that the shareholders are only liable for the company's debts to the value of the money they invested in the company
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Incorporation of a joint-stock company means recognition. The process of bringing the existence of the company to the end is known as winding up of a company. It is also called liquidation. The agreement of all the shareholders at a special general meeting to wind up the company is known as voluntary liquidation.
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