Name and define the form of business organization in which the liability of its members is limited.
Name and define the form of business organization in which the liability of its members is limited. State one more feature of this form of business organization.
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(i)Joint Stock Company.
(ii) It is an association of persons who contribute money in the shape of shares and the company gets a legal entity and enjoys a permanent existence.
(iii) It has the following features voluntary association; artificial person; separate legal entity; common seal; limited liability; transfer ability of shares; diffusion of ownership and management; number of members; limitation of action; winding up.
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