Joint Stock Company (JSC)- one of the varieties of business companies. A joint-stock company is a commercial organization, the authorized capital of which is divided into a certain number of shares, certifying the obligations of the company's participants (shareholders) in relation to the company. in the Russian Federation is regulated by the Federal Law "On Joint Stock Companies".

Participants (shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the value of their shares.

large business enterprises more often exist in the form of open joint-stock companies, medium-sized businesses - in the form of closed joint-stock companies. The main characteristics: the division of capital into shares; limited liability.

Joint-stock company open type may arise in the process of privatization of a state-owned enterprise.

Open Joint Stock Company (OJSC)- the form of organization of a public company; joint-stock company. The main difference from a closed joint stock company is right shareholders alienate their stock physical or legal persons without decision general meeting of shareholders.

Advantages The number of shareholders is not limited. Free sale of JSC shares on the market.

Disadvantages Length of institution. Openness of information (accessibility to competitors). Obligation to disclose the company's annual report, annual financial statements. The authorized capital of an open joint stock company must be at least a thousand times the minimum wage as of the date of registration of the company. The need to register the issue of shares.

Closed Joint Stock Company- the form of organization of a public company; CJSC whose shares are distributed only among the founders or a predetermined circle of persons (as opposed to open). The number of shareholders: - for CJSC no more than 50, if it exceeds, then CJSC must be transformed into OJSC;

2. Preemptive right to purchase shares alienated by the shareholders of the company: - for CJSC shareholders enjoy the preemptive right at the offer price to a third party;

3. Distribution of shares: - for CJSC among the founders or a predetermined circle of persons;

8. Legal status of production cooperatives

A production cooperative (artel) is a commercial organization created by voluntary association of citizens on the basis of membership for joint production and other economic activity based on their personal labor and other participation and the association of its members (participants) of property share contributions. The charter of a production cooperative may also provide for the participation of legal entities in its activities.

regulated by the Civil Code of the Russian Federation, the Law "On Production Cooperatives", the Law "On State Registration of Legal Entities and Individual Entrepreneurs".

Members of a cooperative bear subsidiary liability for its obligations in the manner prescribed by its Charter.

The total number of members cannot be less than 5. Citizens of the Russian Federation and, foreign citizens, stateless persons can be members of the cooperative.

All members of the production cooperative are liable for the debts of the enterprise and their personal property.

The only founding document is the Charter.

A member of a cooperative has the right to transfer his share or part of it to another member of the cooperative, unless otherwise provided by law and the charter of the cooperative.

The highest management body in a production cooperative is general meeting of its members, decides on the activities of the cooperative, elects the permanent executive bodies of the cooperative.

Production cooperatives are registered by the tax authorities.

Or an organization whose authorized capital is divided into a certain number of shares distributed among shareholders.

Glossary of financial terms.

Joint-stock company

A joint-stock company is an organizational and legal form of existence and functioning of enterprises that form their capital through the issuance and sale of shares. A joint stock company is created on the basis of a voluntary agreement between legal entities and individuals.
The purpose of a joint-stock company is joint economic activity aimed at making a profit in the interests of shareholders.

In English: Company limited by shares

Synonyms: JSC, Corporation

English synonyms: Corporation, Joint stock company, Public company

See also: Joint stock companies Organizational and legal structures of enterprises

Finam Financial Dictionary.

Joint-stock company

An association of several citizens, an enterprise, an association of several enterprises that forms its capital through the issuance and sale of shares.

a company that is a legal entity whose capital consists of contributions from shareholders and founders. Form of organization of production based on attraction Money by selling shares. There are closed and open joint-stock companies.

Terminological dictionary of banking and financial terms. 2011 .

See what "JOINT STOCK COMPANY" is in other dictionaries:

Joint-stock company- a company whose authorized capital is divided into a certain number of shares. Members of a joint-stock company (shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the cost ... ... Administrative law. Dictionary-reference

Joint-stock company- (Joint stock company) - an economic company created by agreement between legal and individuals by pooling their contributions in order to carry out business activities. The authorized share capital of the company is divided into ... ... Economic and Mathematical Dictionary

Joint-stock company- (English joint stock company) trade company or other enterprise that is a legal entity based on the pooling of capital of legal entities and (or) individuals for joint management ... Encyclopedia of Law

A business company whose authorized capital is divided into a certain number of shares. Shareholders are liable for the obligations of the company and bear the risk of losses associated with the activities of the company, within the value of their shares; organ ... ... Economic dictionary

Joint stock company, a type of partnership, the capital of which is divided into a certain number of shares of equal par value. It is recognized as a legal entity and liable for obligations within the limits of its property. Everyone's responsibility... Modern Encyclopedia

Joint-stock company- JOINT STOCK COMPANY, a type of partnership, the capital of which is divided into a certain number of shares of equal par value. It is recognized as a legal entity and liable for obligations within the limits of its property. Everyone's responsibility... Illustrated Encyclopedic Dictionary

See Joint stock company Glossary of business terms. Akademik.ru. 2001 ... Glossary of business terms

In civil and commercial law, a type of partnership, the authorized capital of which is divided into a certain number of shares of equal par value. It is recognized as a legal entity and is liable for obligations within the limits of its property. ... ... Big Encyclopedic Dictionary

According to the civil legislation of the Russian Federation, a company whose authorized capital is divided into a certain number of shares; participants A.o. (shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, within ... ... Law Dictionary

joint-stock company- An economic company created by agreement between legal entities and individuals by combining their contributions in order to carry out economic activities. The authorized capital of the company is divided into a certain number of shares. Members... ... Technical Translator's Handbook

Books

• Joint-Stock Company under Updated Legislation, G. V. Alekseev, A. S. Semenov. The book contains an analysis of the main changes made to the law `On Joint Stock Companies`, which comes into force on January 1, 2002. At the same time, the authors did not aim to present the norms of the current ...

What is a modern joint-stock company, what types of joint-stock companies exist today, how do they work, what are their advantages and disadvantages, in what cases does it make sense to open a joint-stock company for your business - we answer these and other questions in our new publication.

Joint stock company: the essence of organizational and legal form

JSC can be recognized as a widespread form in which entrepreneurs clothe their business. At the same time, not every activity makes sense to carry out with the help of AO. For example, a car service, a store, a workshop, and even their network is better to register in a different structure, maybe even just register as an individual entrepreneur.

What is the essence of such a form of legal entity as a JSC, and who is more profitable to work this way? First, let's look at the laws. Thus, the Civil Code, which we will quote below, classifies joint-stock companies as a special category of legal entities: specifically, business companies.

Business partnerships are corporations, that is, legal entities whose founders acquire the right to membership in the established organization. In this JSC, they are seriously different from other organizations. Let's say the head of an institution has no right to a share of ownership in it. And the founder owns the property of the institution (or has the right to dispose), but, as it were, is outside this structure.

The property of legal entities of other types, other than JSCs, often belongs to owners in some physical form: in the form of real estate, equipment, transport, etc. Moreover, such property may belong to one owner or several. It is different in the case of joint-stock companies.

A joint-stock company differs from other similar legal entities in that its capital is formed, in fact, by clubbing. Moreover, the participants do not each have their own property: one, say, premises, the other - machines, the third - transport. Ownership is expressed not in any physical objects, but in numbers, in shares of money capital, which was contributed by one or another participant.

As a result, the form of a joint-stock company acquires high stability (which we will discuss in more detail in the section on the advantages and disadvantages of a joint-stock company). In such a structure, there are no cases when one of the important co-owners decided to “leave the game” and take an important part of the property out of the business. For example, the key equipment of the technological cycle. A co-owner in a JSC, deciding to leave the business, simply sells his shares, sells them at market value. Or, in the case of a non-public joint-stock company, the shares are bought by the partners remaining in the business (a simple direct transaction is executed). Shares cannot be taken and thrown away, they are a "fireproof" financial instrument and can only either depreciate on the stock exchange or "disappear" when the JSC is liquidated.

Joint-stock companies are created solely for the purpose of commercial: all activities are carried out for the sake of one thing - profit. Charitable, social, cultural goals are realized in other legal entities. AT social sphere created, for example, non-profit organizations.

The AO form is used where really large investments are needed in some kind of business. On the basis of equity capital, for example, banking structures, the extractive industry, large transport companies (railways, air carriers, etc.) As a rule, the scale of such firms is very large, they spread their influence at the level of regions and even federations. Basically, it is precisely this hugeness that is the reason for the creation of a joint-stock company, because capital investments are really needed.

Types of joint-stock companies

When creating a joint-stock company, it is necessary to carefully study all legislative acts on the work and reporting of such legal entities. Recently, many changes have taken place, mainly with regard to the relevant articles of the Civil Code. Please note that, starting in 2014, forms such as an open or closed joint stock company are no longer used. Societies began to be called public and non-public. Lawyers note that the current PJSC and NAO are not exactly the same as OJSC and CJSC, more on this below in our article.

So, the most important feature PJSC, that is, a public joint stock company, in that it can list its securities for free trading, and the number of owners, shareholders, is not limited. It can be dozens, and hundreds, and thousands of co-owners.

Ownership shares, when decided to operate in the form of a NAO, are distributed among a limited number of owners and are not released for free circulation on the market. If the NAO somehow starts selling shares, offers them to an indefinite circle of persons, it turns into a PJSC and, from the point of view of the law and control bodies, is obliged to report in detail on its work.

Detailed characteristics of joint-stock companies

Both types of joint-stock companies, which are described in the article, have rather sharp differences not only in terms of free trading in shares. The matter concerns both management and other nuances.

For PJSC, it is obligatory to indicate in the charter, in the name of the word “public”, while for NAO, only the legal form is indicated.

To open a NAO, it is enough to have 10,000 rubles in reserve, while a public company is a capital of 100,000 rubles or more.

As for the board of directors, public society there must be one, but NAOs have the right not to create a board if there are less than 50 shareholders. This rule makes it much easier to manage small JSCs.

Public joint stock companies: features

Since PJSC can trade shares, and the requirements for them are higher in terms of reports and management. The fact is that persons from a wide range of citizens are involved in the activities of PJSC, and the company is sometimes responsible to thousands of shareholders.

It is managed by PJSC on the basis of the approved charter, while the supreme management body is the meeting of shareholders. It is held annually by decision of the board of directors, the initiative may also belong to the control and audit commission.

If the number of shareholders is large enough, it is physically impossible to gather hundreds of co-owners in one place and at one time. Then they do it in two ways. Either absentee voting is carried out (for example, by mail) by filling out a pre-prepared ballot, or the number of shareholders who have the right to vote in the general meeting is limited.

The general meeting makes the most important, strategic decisions concerning the existence and development of the organization. The rest of the time, the joint-stock company is usually managed by the board of directors as the highest executive body of the joint-stock company.

If the JSC operates as a public company, every year it is necessary to publish detailed reports on many parameters. It is also important that anyone can look into such reporting: they post documents in the media, and always on the website of the joint-stock company.

Meeting of shareholders

The supreme governing body of a JSC, as already mentioned, is the meeting of shareholders. The meeting is held every year, it decides how to evaluate the results of work, whom to elect to the board of directors, how much to pay (and whether to pay) dividends.

There is also such a form of management as an extraordinary meeting of shareholders. It is convened when important issues arise regarding the activities of the JSC, holding extraordinary meetings is regulated by law (Law "On Joint Stock Companies").

Non-public joint-stock companies

The main characteristic of the NAO is its "closedness" from the external market. Shares are kept in a circle of participants, which is strictly limited, they are not allowed here simply for money. The form is less common than PAO, it is chosen when they want to report less to the authorities, to have greater freedom in all matters of management.

If one of the shareholders wants to get rid of their share by selling it, NAO shareholders have a pre-emptive right to purchase these shares, thus maintaining the principle of “non-publicity” of the JSC.

Unlike public JSCs, non-public JSCs are not obliged to publish information about their activities and their results in such a wide volume, but report only to a certain circle of people. Thus, NAO has more freedom in management, besides, the number of shareholders is quite limited, and large-scale absentee voting is not required. At the same time, NAO loses the ability to raise capital through open sale shares. Which form is more appropriate to choose is decided purely individually, based on specific conditions.

In the case of PJSC, by decision of the shareholders, the management of the enterprise can be delegated to the board of directors or the sole director.

To non-public companies, in addition to CJSCs, LLCs (limited liability companies) are also included in the event that there are no signs of a public nature in their activities.

Charter of a joint-stock company

The charter is the main, but far from the only document on the basis of which a joint-stock company is registered. The charter, in addition to information and the full name, legal address, nature of the JSC, must contain information on the size authorized capital, management bodies, company shares, etc.

A meticulously prepared charter is the cornerstone of further successful activity. The text should not contain provisions that can be interpreted ambiguously, since it is the charter that is the most important document in disputes and strategic decision-making.

Corporate agreement of a joint stock company

In addition to the charter, today a corporate agreement can be applied in the activities of a JSC. This is an agreement in which the participants fix their obligations to act in a certain way. For example, vote the same way.

It can be seen that the corporate agreement is also an innovation from 2014. The terms of a corporate agreement apply only to those persons who entered into it, and do not create any obligations for parties that are not parties to the agreement.

Responsibility of the participants of the joint-stock company

Members of a joint-stock company are not liable for its obligations and may suffer losses only in the amount of the value of the acquired shares. This is the fundamental difference between the owner of a share in a JSC and individual entrepreneur. The latter, according to the law, is liable for his obligations with all his property.

Joint stock company: advantages and disadvantages

A joint-stock company is a "two-faced Janus", which exists both as an organization and as a set of all shares issued by the company. It is the joint-stock form that makes it possible to increase almost unlimitedly, to pool capital, the main thing is the attractiveness of the joint-stock company for shareholders. And, of course, commercial success.

There is no risk for shareholders other than the risk of losing the funds invested in shares. In case of bankruptcy of a joint-stock company, the owner of a block of shares in it is liable with his property for the obligations of the organization. At the same time, the shareholder is free to choose the amount he is willing to risk by acquiring a particular number of shares.

A joint-stock company is considered a very stable structure in terms of capital: in the event of the sale of blocks of shares of any volume, the disposal of any number of shareholders, the company does not break up, but continues to function on the market.

Sustainability is complemented by the fact that at the helm of the JSC, as a rule, there are professional managers specially hired to manage the business. Each individual shareholder cannot influence the adoption of operational decisions, but only indirectly vote within the framework of the annual meeting on strategic issues.

Shares of successful companies have such a property as high liquidity. Therefore, the owner can almost at any time sell his market share, returning the capital invested in the joint-stock company. In this case, the property has an "impersonal" character, expressed in a certain price. Unlike the ownership of buildings, means of production, you do not need to look for buyers for a long time, discuss the terms of transactions, draw up a lot of documents, etc.

Stocks are a very interesting financial instrument that can generate income in several ways. First, there are dividends. Secondly, the growth of the share price. Thirdly, there are methods of making a profit when shares are lent to someone, and so on.

It is also important that the form of a joint-stock company is the most prestigious in the eyes of the public and indicates the serious nature of the business, its scale and responsibility.

The state is often among the shareholders of large companies, and this not only ensures the inflow of large shares of capital, but also high prestige, which works great for the image of the business.

In addition to the advantages, AOs also have some disadvantages. The main one is, paradoxically, openness. The potential for unlimited accumulation of capital turns into threats. This is the risk of mass resale of shares, when the composition of the owners changes so much that there is a risk of losing control over the JSC.

The need for open publication of detailed reports entails an information threat: the published information can be used by competitors for market struggle. Of course, we are not talking about the form of PJSC, but such companies cannot sell shares on the free market.

In the decision-making process, misunderstanding between managers and shareholders is possible. There are cases when management tries to transfer the maximum benefits from the business to its own advantage, to the detriment of the interests of shareholders.

A joint-stock company is a complex structure, and therefore management and reporting here are also very difficult and rather cumbersome. A non-professional is not able to understand all the management issues of such an organization; it requires the involvement of specialists, sometimes very expensive.

However, the positive aspects and opportunities of AO still outweigh the risks. In addition, it is often impossible to build a business in a different organizational and legal form, especially when it comes to large-scale projects. When serious investments are needed in infrastructure, equipment, scientific and technological developments, JSC is the most the right choice from all other forms of business companies.

Joint-stock company is a business association commercial structure), which is registered and works according to certain rules, and its authorized capital is distributed over a certain number of shares. The main task is the formation of capital for conducting certain business activities.

Joint-stock company(JSC), or rather, its activities are regulated by the Civil Code of the Russian Federation, the Arbitration Code of Russia, the Law of the Russian Federation "On Joint Stock Companies" and other acts and laws.

The history of the emergence of a joint-stock company as a structure

It is believed that the origin of joint-stock companies, as a form, began in the 15th century, from the moment the Genoa Bank of St. George was formed. It was with him that the era of such formations began. The task of the newly created institution was to service state loans. At the same time, its founders were maons - formations of creditors who lent money to the state, and the latter paid them off with the right to receive part of the profits from the treasury.
Many principles of operation of the Bank of Genoa coincided with the current features of the JSC:

- capital financial institution divided into several main parts, which were distinguished by free circulation and alienability;
- bank management- a meeting of participants who met annually to adopt important decisions. Each proposal was then put to a vote. main feature that the officials of the financial institution were not entitled to participate in the meeting. The role of the executive body was performed by the council of protectors, which consisted of 32 members;
- bank members received interest payments on their shares. At the same time, the amount of dividends directly depended on the level of profitability of the bank.

Since the beginning of the 16th century, new markets have been actively opening up in Europe, the growth of trade volumes is accelerating, and industry is developing. The old forms of communities (guilds, maritime partnerships) could no longer protect the rights of the participants in the transaction and new economic needs. Thus, colonial companies appeared in Holland, England and France. In fact, the colonial states began to attract funds from outside for the further development of the land.

1602- Formation of the East India Company. Its essence is the unification of already existing organizations in Holland. Each company had its own shares, so the number of representatives in the governing bodies also varied. Over time, the shares of each of the participants were called "shares" - documents confirming the right to own part of the share. But massive stock speculation has forced the government to enact some tough restrictions on the misuse of company capital.

Almost simultaneously with the structure described above, the English version of the East India Company arose. Its feature is the annual meeting of participants to decide key issues by voting. Only those participants who owned capital more than the percentage specified by the charter had a vote. The leadership was entrusted to the council, which consisted of 15 members elected by the meeting.

In the 18th century after several unsuccessful attempts to create his own bank, John Law succeeded. Subsequently, it was he who became one of the active participants in the creation of the West India Company. A few years later, other French organizations joined it. In fact, a powerful monopoly was formed on the market, which ensured a stable inflow of revenues to the treasury and the economic growth. But this couldn't go on forever. Low dividends became the impetus for the mass sale of shares of the newly formed structure. The price of securities fell, and then completely collapsed. This caused serious damage to the country's economy.

In 1843 The first JSC law appeared in Germany. From the beginning of the 1860s, the number of such societies amounted to several dozen. Subsequently (in 1870, 1884) new laws were developed regarding the joint-stock company.

In 1856-1857 in England, the first legislative acts appeared that obligated newly registered communities to go through the registration procedure, have their own charter, indicate the goals of their activities, and so on. At the same time, established companies were allowed to issue only registered shares.

In 1862 all the acts and norms of England relating to joint-stock companies were collected in one law. In the future, it has not changed, but only supplemented with new items.
The rest of the countries (including the United States) used the experience already gained when creating joint-stock companies.

The essence of the joint-stock company

Joint stock company is entity, the organization of several market participants. The feature of the structure is as follows:

- JSC participants have limited liability, which does not exceed the amount of their "infusions" into the company's authorized capital;

A joint stock company bears full responsibility to its shareholders in terms of fulfilling obligations (including the timely payment of dividends);

The entire amount of the authorized capital is equally divided by the number of issued shares of the JSC. At the same time, the participants of the joint-stock company, and not its founders, act as holders;

The formation of the authorized capital occurs at the expense of the participants' investments. At the same time, the contributions made go to the full disposal of the newly created structure;

JSC works without time limits, unless the opposite conditions are spelled out in the charter of the newly created structure;

The joint-stock company has the right to carry out any activities that are not prohibited at the legislative level. At the same time, in some areas, a joint-stock company can operate only on the basis of a license;

A newly created organization is obliged to publish an annual report, loss and income accounts, balance sheet and other data that are provided for by law (all these issues are discussed in Article 92 of the Federal Law “On Joint Stock Companies”);

JSC gets the right to organize representative offices, branches, subsidiaries and so on. At the same time, you can open your branches even outside the state.

Types of Joint Stock Companies

Today, there are two main types of such organizations:

1. Open Joint Stock Companies (JSC)- these are formations in which shareholders have the right to alienate (sell) shares without agreement with other shareholders. At the same time, the JSC itself can distribute the issued shares freely, without any restrictions. The total number of shareholders and founders of a JSC is not limited. If the founder of the company is the state (municipal formation, subject Russian Federation), then such a company can only be open - OJSC. The only exceptions are small structures that are formed on the basis of privatized companies.

To distinctive features JSC can be classified as:

The number of participants is unlimited;
- the amount of the authorized capital - from 1000 minimum salaries and above;
- shares are distributed by open subscription;
- securities can be freely sold and bought (without prior approvals);
- Education undertakes to issue and publish every year a report, accounts of losses, profitability, balance sheet.

2. Closed Joint Stock Companies (CJSC)- these are formations where issued shares can be distributed only within the formation (among the founders or a strictly defined circle of people). At the same time, an open subscription for CJSC is prohibited. In closed joint stock companies, shareholders have the right to be the first to buy securities.

The distinctive features of the JSC include:

The number of participants should not exceed fifty people;
- the value of the authorized capital should not be more than 100 minimum salaries determined at the legislative level;
- issued shares are distributed only among the founders (placement options are also possible among other persons, but only after agreement);
- current shareholders have the right to be the first to buy CJSC shares;
- closed society may not publish any reports at the end of each year.

Differences of a joint-stock company

Modern joint-stock companies differ significantly from the following formations:

1. From business partnerships. JSC is an association of the capitals of several participants, and HT is an association of the capitals of participants and a group of persons who implement joint projects within the framework of one association. In addition, in HT, participants assume full responsibility on education commitments. AO does not provide for such liability.

2. From limited liability companies (LLC). Common features LLC and JSC - the total capital of the participants, which is formed due to their investments in a common cause. But the joint-stock company has several characteristic features:
- the minimum value of the authorized capital for a joint-stock company is established at the legislative level (as well as the number of participants). For an LLC, this value is the "ceiling";

- all JSC participants receive shares in their hands, which can be disposed of at their own discretion (sell or buy on the stock market). In a simple community, the authorized capital is divided into simple contributions;
- the procedure for inclusion and exclusion from an LLC (JSC) is different;
- each shareholder of a joint-stock company has equal rights and obligations regarding the work of the structure. In a simple society, each participant can have his own obligations.
- The management structure of a joint-stock company is much more complicated than that of an LLC.

3. From production cooperatives. Here it is worth highlighting the following features:

- participants of the cooperative are liable for the obligations of the cooperative (that is, joint responsibility). In AO, each participant is responsible within the limits of his contribution;
- members of the cooperative may be expelled for non-fulfillment of obligations or violation of norms. No one in JSC has the right to deprive a participant of shares under any circumstances;
- a cooperative involves the formation of a community of people and their investments, and a joint-stock company is simply an association of investments.

Creation of a joint stock company

To organize your joint-stock company, you need to go through several stages:

1. Economically justify the future structure. That is, first you need to form the idea of ​​the future formation. All members of society must clearly understand the tasks assigned to them, development prospects, potential profitability, and so on. Special attention should focus on the following questions:

Is AO best form for the chosen line of business. It should be borne in mind here that joint-stock companies are better suited for big business;
- is it possible to obtain the necessary funds in other ways (for example, to get a loan from a bank). Here it is necessary to take into account financial feasibility, potential benefits;
- determine the required amount of capital.

2. Organization of JSC. At this stage, the following work is carried out:

A founders' agreement is concluded, which specifies the main activities and characteristics of the business. At the same time, the responsibility of each of the participants directly depends on the amount of investments made. The founders cannot oblige the joint-stock company with any transactions with third parties, they are forbidden to act on behalf of the company;

A meeting of founders is held, where the charter of the joint-stock company is adopted by voting, the appraisal of property is approved, issues of issuing shares are discussed. The governing bodies are also formed by the AO and are elected at the meeting. The applicant passes if more than ¾ of all participants voted “for”;

The authorized capital is formed - the minimum amount of funds of the JSC, which, in which case, will guarantee the protection of the interests of creditors. For a joint-stock company, the size of the authorized capital must be at least 1000 minimum salaries established by laws at the time of registration of the joint-stock company. From the moment of registration, more than half of the shares must be purchased. The rest is during the year.

3. Registration of an institution at the level of state structures.

Any joint-stock company can be liquidated, that is, it ceases to exist as a legal entity. There are several elimination options:

1. Voluntary liquidation. In this case, the relevant decision is made at the meeting of shareholders. At the same time, the desire to liquidate the joint-stock company is accepted directly by the participants. The process takes place in the following order:

The meeting decides on liquidation;
- the decision is transferred to the state registration authority, which makes an appropriate note. From this moment, making any changes to the documents of the JSC is prohibited;
- a liquidation commission is appointed. If one of the participants was a state representative, then there must be a representative;
- the commission does its best to identify all creditors and receive the current debt;
- requests of JSC creditors are satisfied;
- the remaining property is distributed among the shareholders.

2. The forced liquidation of a company and the liquidation of a company are similar in nature. In our case, the joint-stock company ceases to exist after the decision of the court. In fact, the termination of the activity of the structure in a general economic format is the will of the market. Reasons for the liquidation of a joint-stock company may be as follows:

Conducting JSC activities that are not prescribed in the license or for which there is no appropriate permit;
- violation of laws in the performance of work;
- performance of activities that are prohibited by law;
- Violations during registration and their detection by the court. In this case, the latter must recognize the invalidity of all registration documents;
- bankruptcy of JSC, which is also recognized in court.

Advantages and disadvantages of a joint stock company

From positive traits AO can be distinguished:

The fact of capital pooling is not limited by any limits. A JSC can have any number of investors (even small ones). This feature allows you to quickly raise funds for the implementation of plans;

When buying a certain number of shares, the future shareholder himself decides on the level of risk that he assumes. At the same time, his risk will be limited solely by the amount of investment. In case of bankruptcy of a joint-stock company, the holder of securities can lose only that part of the funds that he has invested no more than;

Sustainability. As a rule, joint-stock companies are stable formations. If one of the shareholders leaves the JSC, the organization continues its activities;

Professional management. Capital management is a function of professional managers, and not of each shareholder individually. Thus, you can be sure of a competent investment of capital;

The possibility of a refund. Shares can be sold in whole or in part at any time;

different types of profits. Income can be obtained in different ways - from receiving dividends, selling shares, lending securities, and so on;

Kudos. Today, joint-stock companies are respected structures, and their members have a high social and economic significance;

Availability of capital. JSCs always have the opportunity to raise additional funds by obtaining loans at favorable interest rates or by issuing shares.

Cons of a joint stock company:

JSC is an open structure, which obliges to publish annual reports, disclose its profits, and so on. All this is additional information for competitors;

The likelihood of reduced control over the flow of shares. Often, the free sale of securities can lead to drastic changes in the composition of participants. As a consequence, control over the AO may be lost;

Conflict of interests. When managing a society, there may be different views on further development structures of managers and shareholders. The task of the first is to correctly redistribute income to preserve society, and the task of shareholders is to get the greatest profit.