Limited liability or unlimited liability?

Limited liability. Shareholders' liability for the debts of the company is limited to the shares they hold or the shares they promise to subscribe for. A joint stock limited company absorbs shareholders' investment by issuing shares on the basis of equity, and shareholders' responsibilities and risks are limited to their capital contribution or subscription, not exceeding the number of shares they hold. Therefore, a company limited by shares bears limited liability. A joint-stock company refers to a company with shares as its capital, and shareholders are liable to the company to the extent of the shares subscribed by them. China's Company Law stipulates that the establishment of a joint stock limited company shall be initiated by two or more persons, but not more than 200 persons. Because all joint-stock companies must be limited liability companies (but not all limited companies are joint-stock companies), they are generally called "joint-stock companies". Joint-stock companies came into being in Europe in the18th century, and were widely popular in capitalist countries in the second half of the19th century. Joint-stock companies occupy a dominant position in the economy of capitalist countries.