Joint Stock Company
ICSE · Class 11 · Commerce
Quick revision notes for Joint Stock Company — ICSE Class 11 Commerce. Key concepts, formulas, and definitions for last-minute revision.
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Key Topics to Revise
Meaning and Definitions
- A company is an association of individuals formed for a common objective.
- Its capital is divided into shares of small value.
- Members of a company are not called partners.
Essential Characteristics of a Joint Stock Company
- Artificial person created by law: The company is recognised by law as a person, though it is not a natural human being.
- Separate legal entity: The company and its members are different in law.
- Perpetual succession: The company continues even if members die or transfer shares.
Difference Between Partnership and Joint Stock Company
- Partnership is governed by the Partnership Act, implemented in 1932.
- Company is governed by Companies Act, implemented in 2013 or any previous Company Law.
- Partnership does not have separate legal entity; a company does.
Merits, Objectives, and Demerits
- Huge financial resources: Large capital can be raised because shares are of small value.
- Limited liability: Investors risk only the amount unpaid on shares.
- Share transfer facilities: Shares of a public company can generally be transferred freely.
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