Joint-stock company is a kind of business organization emerged in the sixteenth century, leading to a growing demand for investment,
Corporate entities today can trace their lineage back to joint-stock companies. Each investor in a joint-stock firm has a certain number of shares of stock equal to the amount of stock they invested in the company. To fund projects that are too costly for an individual or even a government to undertake, joint-stock firms are formed. In a joint-stock corporation, the investors should get a cut of the earnings. Shares in a joint-stock company can be bought and sold between the company's shareholders. Although there are certain legal changes, modern corporations can trace their lineage back to joint-stock businesses organisation. In the past, when a company was not formally organized, its stockholders were personally responsible for any obligations incurred by the business organisation. When a company is incorporated in the United States, the liability of its shareholders is limited to the par value of its shares.
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