UPSC CDS GS Economy Questions Part 1

In a joint stock company, all the shareholders own a certain amount of stock in the company and it is collectively owned by all its shareholders. These companies are legal entities that have been created by the statues of law. The liability of the company is limited. The personal assets of a shareholder cannot be liquidated to repay the debts of a company. Directors are elected democratically to the board of directors for managing company efficiently.