1, definition:
A company limited by shares 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. To establish a joint stock limited company, there shall be no less than two promoters and no less than 200 promoters, and the minimum registered capital shall be RMB 5 million. A listed company refers to a joint stock limited company whose shares are listed and traded on the stock exchange with the approval of the securities administration department authorized by the State Council or the State Council.
2. Main differences:
Company capital: The capital of a joint stock limited company is divided into shares, each of which has the same amount. The capital of listed companies is also divided into shares, but the shares of listed companies are listed and traded on the stock exchange.
Equity mobility: the equity transfer of a joint stock limited company is subject to certain restrictions. For example, the shares of the company held by the promoters shall not be transferred within one year from the date of establishment of the company. The shares of listed companies are traded on the stock exchange, which is highly liquid.
Supervision and information disclosure: Listed companies are subject to stricter supervision and need to disclose financial reports, operating conditions and other information to the public on a regular basis. Although joint-stock companies also need to abide by relevant laws and regulations, the requirements for supervision and information disclosure are relatively low.
3. Relationship:
Limited by Share Ltd is the foundation of listed companies, but not all limited by Share Ltd can become listed companies. Only a joint stock limited company whose shares are listed and traded on the stock exchange with the approval of the securities administration department can be called a listed company.
The basic characteristics of a company limited by shares:
(1) Limited by Share Ltd is an independent Economic legal;
(2) The number of shareholders of a joint stock limited company shall not be less than the quorum. For example, according to French regulations, the number of shareholders should be at least 7;
(3) The shareholders of a joint stock limited company shall bear limited liability for the debts of the company, and the liability limit shall be the number of shares payable by the shareholders;
(4) All the capital of a joint stock limited company is divided into equal shares, and funds are raised through public offering. Anyone can become a shareholder of the company after paying the shares, and there is no qualification restriction;
(5) The shares of the company can be freely transferred, but they cannot be withdrawn;
(6) The company's accounts must be made public so that investors can know about the company and make choices;
(7) There are strict legal procedures for the establishment and dissolution of the company, and the procedures are complicated.
The main characteristics of a company limited by shares:
The total capital of the company is divided into equal shares; The company may issue shares to the public to raise funds, and the shares may be transferred according to law; The law only has the minimum number of shareholders in the company, but there is no maximum amount; Shareholders shall bear limited liability to the company with their subscribed shares, and the company shall bear liability for the company's debts with all its assets; One vote per share, shareholders enjoy rights and assume obligations with the subscribed shares; The company shall disclose the accounting reports audited by certified public accountants.