The current company law divides companies into two types: limited liability companies and joint stock limited companies. Among them, a joint stock limited company is divided into listed companies and unlisted companies according to whether its issued shares are listed on the stock exchange. In view of the fact that the capital of a limited liability company does not exist in equal amount, that is to say, its capital is not unitized and there is no way to go public. Unlisted companies include limited liability companies and some joint stock limited companies. In the company legislation of developed countries with market economy, companies are generally divided into public companies (listed companies) and closed companies (unlisted companies). In our country, there is also a research conclusion that there is no substantial difference in management and supervision between unlisted joint-stock companies and limited liability companies. Therefore, it is suggested that the types of companies should be re-divided in the revision of the company law, and listed companies and unlisted companies should be regarded as the basic classification of companies in the relevant company legislation, instead of legislating separately for limited liability companies and joint-stock companies.
Limited liability companies are different organizational forms of joint stock limited companies. Unlisted joint-stock companies are relative to listed joint-stock companies, which are joint-stock companies that publicly issue shares on the stock exchange and go public.
Unlisted joint-stock companies have two ways: initiation and offering. A limited company is established by shareholder * * *, which can be understood as initiation and cannot be offered.
If a company wants to go public, it must first be a joint-stock company, and it has been operating for more than three years, and it needs to comply with the Securities Law, the initial public offering of shares by the China Securities Regulatory Commission and other relevant regulations.