What companies are joint stock companies?
A joint-stock company is a pooling of resources by investors who want to start a venture but do not have enough capital. they share the profits eventually BUT..... if the investment fails, the loss will be shared by everyone( you will lose your shirt and boxer briefs too!) as opposed to another venture with the same pooling of resources but under the umbrella of a limited liability company (where your boxer briefs will be protected )and the company loses but not the individuals. You get to keep your boxer briefs. :)
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