A joint-stock company is a legal commercial company where two or more people are involved, called partners, represented through titles or shares.
In the event of a dispute or legal conflict, the partners may only respond up to the maximum of their contributed capital.
In these cases, personal assets of partners are not involved.
Characteristics of the Stock Company
- Commercial companies can take place in two forms: open capital , where they enjoy greater commercial freedoms, and closed capital , where the number of shareholders and the independent transaction of the shares are limited.
- The partners are not personally liable for the debts acquired through the partnership, so they do so through the actions of each of the partners.
- These companies are mainly commercial in nature.
- It can be created with a minimum capital (this varies, it will depend on the country where you want to carry out the incorporation of the commercial company).
- They acquire the nationality of the country where the company is created.
- It has its own legal personality .
- The contribution of the shares must be accredited.
- Each of the partners must contribute a part to the capital of the company.
- Actions can be constituted with amounts of tangible and verifiable money, through a bank or through quantifiable assets.
- In the event that the action is through assets, it must be certified by an expert, that is, it must be recorded through a report prepared by an expert in the field.
- It has a supervisory council. Although it is not applied in all countries, this figure is used for the purpose of supervising the work of administrators.
- There is a representative of the company , who exercises executive representation and is elected by the general meeting of shareholders.
- There is a general assembly of partners, where the managers or the person in charge of the administration and the representative of the company are elected.
- There must be a constitutive document of the commercial company.
- There must be accounting books , where the accounting movements of the company are recorded and recorded.
- Every corporation must have a minute book , where all meetings and important points regarding the company are recorded.
- It has a minimum of shareholders or partners.
- They must pay taxes .
- Members can freely trade their shares.
- The supervision on the part of the state is continuous and constant.