Joint Stock Company:
A joint stock company is a type of business organization in which the capital is divided into shares and the liability of its members is limited to the amount they have invested in the company. It is a legal entity separate from its shareholders and continues to exist even if the ownership of shares changes. Joint stock companies are commonly used for large-scale businesses and are governed by specific laws and regulations.

Partnership:
A partnership is a type of business organization in which two or more individuals come together to carry out a business with the aim of making a profit. In a partnership, the partners contribute capital, share the profits and losses, and have joint decision-making authority. The partnership is not a separate legal entity, rather it is an association of individuals who are collectively responsible for the obligations and debts of the partnership.

Differences between Joint Stock Company and Partnership:
1. Legal Entity: A joint stock company is a separate legal entity from its shareholders, while a partnership does not have a separate legal existence.

2. Liability: In a joint stock company, the liability of the shareholders is limited to the extent of their investment in the company. On the other hand, in a partnership, the partners have unlimited liability, meaning their personal assets can be used to settle the debts and obligations of the partnership.

3. Ownership: In a joint stock company, ownership is represented by shares, which can be bought and sold freely. In a partnership, ownership is based on the agreement between the partners and cannot be transferred without the consent of all the partners.

4. Management: Joint stock companies are managed by a board of directors elected by the shareholders. In a partnership, the partners themselves are responsible for the management and decision-making of the business.

5. Number of Members: A joint stock company can have any number of shareholders, while a partnership usually has a limited number of partners.

Overall, joint stock companies are more suitable for large-scale businesses with multiple shareholders, while partnerships are more commonly used for small businesses with a limited number of partners. The choice between the two depends on the specific needs, objectives, and resources of the individuals involved in the business.