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joint-stock company
(redirected from Joint-stock companies)

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia, Hutchinson 0.24 sec.
joint-stock company
A rare type of business organization characterized by some features of a partnership and some features of a corporation. Shares are transferrable 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.

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Regarding ownership, 15 banks were closed joint-stock companies (one, Armsavingsbank, being state-owned), 6 were open joint-stock companies, 4 were limited liability companies and one was a cooperative (Synthesis, 2001, pp.
On the other hand, mixed joint-stock companies (AO) are not controlled efficiently enough: in more than a half of them the state pays insufficient attention to expanding their defense production potential.
The South Sea Bubble produced so many corrupt profiteers and gullible victims that the Bubble Act of 1720 banned all joint-stock companies, except those established by separate Act of Parliament, for two centuries.
 
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