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Corporation – a group of persons in Britain who have formed themselves 
into an association  which itself has a separate legal existence or artificial 
personality quite different from the persons who compose it.(The law allows it 
to continue to exist indefinitely although its members (shareholders) may 
change. In AmE – a business organization equivalent to a limited company in 
Britain  
Joint-stock company – a form of business organization called a 
corporation, which has its capital divided into many small units of stock or into 
shares of low face value so that they may be bought by small and large 
investors. Often is used in the same meaning as “limited company”.In AmE – a 
business organization having its capital divided into small units of stock, but the 
liability of its members is unlimited, as in a partnership.  
Limited (liability) company – a joint-stock company, the financial 
liability of whose members is limited by law. If the company is limited by  
shares,  the liability of each member is limited to the amount unpaid on his 
shares, and he may have to lose the cost of his shares, but no more, if the 
company goes into liquidation because of its debts. If the company is limited by 
guarantee, the liability of each member is limited to the amount he has 
personally guaranteed (promised) to pay if necessary in the event of liquidation.
Private (limited) company – a limited company which must not invite 
the public to subscribe for its shares or debentures and does not allow its 
members to transfer their shares without the agreement of the other 
shareholders. (It must have at least two but usually not more than fifty 
members).  
                                          8
      Corporation  a group of persons in Britain who have formed themselves
into an association    which itself has a separate legal existence or artificial
personality quite different from the persons who compose it.(The law allows it
to continue to exist indefinitely although its members (shareholders) may
change. In AmE  a business organization equivalent to a limited company in
Britain
      Joint-stock company  a form of business organization called a
corporation, which has its capital divided into many small units of stock or into
shares of low face value so that they may be bought by small and large
investors. Often is used in the same meaning as limited company.In AmE  a
business organization having its capital divided into small units of stock, but the
liability of its members is unlimited, as in a partnership.
      Limited (liability) company  a joint-stock company, the financial
liability of whose members is limited by law. If the company is limited by
shares, the liability of each member is limited to the amount unpaid on his
shares, and he may have to lose the cost of his shares, but no more, if the
company goes into liquidation because of its debts. If the company is limited by
guarantee, the liability of each member is limited to the amount he has
personally guaranteed (promised) to pay if necessary in the event of liquidation.
      Private (limited) company  a limited company which must not invite
the public to subscribe for its shares or debentures and does not allow its
members to transfer their shares without the agreement of the other
shareholders. (It must have at least two but usually not more than fifty
members).
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