Meaning of Joint Stock Companies
Joint stock companies are business entities where the capital is raised through the sale of shares to the public. Each shareholder owns a part of the company proportional to their investment, and they benefit from limited liability, meaning they are not personally responsible for the company's debts beyond their investment.

Nature of Joint Stock Companies
- Legal Entity: A joint stock company is a separate legal entity from its owners, allowing it to own property, sue, and be sued.
- Limited Liability: Shareholders' liability is limited to the unpaid amount of their shares, protecting their personal assets.
- Transferable Shares: Shares can be easily bought and sold, providing liquidity to investors.
- Perpetual Succession: The existence of a joint stock company is not affected by changes in ownership or the death of shareholders.

Types of Joint Stock Companies
- Public Limited Company: Offers shares to the general public and can raise capital through stock exchanges. It requires a minimum number of shareholders and must adhere to strict regulatory requirements.
- Private Limited Company: Limits the number of shareholders and restricts the transfer of shares. It cannot offer shares to the public, providing more control to the owners.
- One Person Company: A relatively new concept allowing a single individual to form a company with limited liability. It combines the benefits of a sole proprietorship and a company.
- Foreign Company: A company incorporated outside the jurisdiction but operates within the country. It must comply with local regulations.
In summary, joint stock companies are vital to the economy, facilitating capital generation while providing limited liability and flexibility to investors.