Unformatted text preview: owners that share responsibility of the business according to a prior agreement that is written up in a contract. It is much safer to share this responsibility with another person but you also have to share the profits with another person and you have to accommodate your partner if there is to be any changes in the plans. My boss who purchased his own business also was involved with a partnership, him and another guy purchased and built an Indian food restaurant and now it is successful so he sold his share and went on his own. A joint stock company is any company with transferable ownership interest and unlimited shareholder liability. This form of operation is safer for everyone, this type of business pools peoples saving to increase investment and reduce risk. This form of business spreads responsibility to many people to reduce the risk for each individual person....
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- Spring '10
- Business, Corporation, Types of companies, AKA LLC