- joint-stock company
- joint-stock association or companyAn unincorporated business enterprise with ownership interests represented by shares of stock. This type enterprise was recognized at common law and by statute is generally treated as a corporate entity for certain purposes. Such entities bear a resemblance to both a corporation and a partnership. They appear to be like corporations to the extent that they have capital stock, but are not treated as corporations in many jurisdictions. Brocki v. American Express Co., C.A.Mich., 279 F.2d 785, 787+ joint-stock companyAn association of individuals for purposes of profit, possessing a common capital contributed by the members composing it, such capital being commonly divided into shares which each member possesses one or more, and which are transferable by the owner. One having a joint stock or capital, which is divided into numerous transferable shares, or consists of transferable stock. A partnership whereof the capital is divided, or agreed to be divided, into shares so as to be transferable without the express consent of the co-partners.
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.