What's the difference between a company and a joint-stock company? (Be concise)

A company-based enterprise is an economic organization with the legal person property system as the core and the scientific and standardized corporate governance structure as the basis, which is engaged in large-scale production and operation activities, has the legal person qualification and is established according to law. The company system has two main characteristics. First, the company is a legal person. A company is a legal entity with legal personality and has the same civil capacity as a natural person. This is the fundamental feature of modern company system. Second, the company has realized the separation of the ultimate property ownership of shareholders and the property rights of legal persons.

There are two forms of statutory companies in China, namely, limited liability companies and joint stock companies.

Share-holding system, also known as "share economy", refers to an economic organization form in which scattered factors of production belonging to different people are centralized, used uniformly, managed rationally, self-financed, and paid dividends by shares. It is also a form of enterprise property ownership.

Limited liability company, also known as limited company (CO, LTD). A limited liability company refers to an economic organization registered in accordance with the Regulations of the People's Republic of China on the Administration of Company Registration and established with the contribution of less than 50 shareholders. Each shareholder shall bear limited liability to the company with the amount of capital contribution subscribed by him, and the company shall bear liability for its debts with all its assets. Limited liability companies include wholly state-owned companies and other limited liability companies.