A joint stock company is a partnership agreement in which company members hold transferable shares,whereas all the goods of the company are held in the names of the partners.

A joint stock company is a partnership agreement in which company members hold transferable shares,whereas all the goods of the company are held in the names of the partners.Thus,the joint stock company is a mixture of a corporation and a partnership.As with the corporation,the members who hold shares of stock own the joint stock company.As with the partnership,the shareholders have personal liability,and in most cases the company is not a separate legal entity.