A business entity that allows individuals to buy and sell shares of the company. Each shareholder owns a portion of the corporation based upon the certificate of ownership (shares).
Under this scenario, shareholders can sell their shares without any impact on the continuing existence of the company. This is due to the fractional ownership nature of the business.
Commonly, joint-stock companies are incorporation or limited liability companies. These are legal entities separate from the individuals. The shareholders are only responsible for the debt to the level of the money invested.