Legal analysis: Unlisted joint-stock companies are divided into joint-stock companies initiated and joint-stock companies raised. At the initial stage, the number of sponsors of the two companies must be 2 to 200. This is the initial number of shareholders. After the establishment of a joint-stock company, the number of shareholders can be increased by issuing new shares. However, when the company raises funds from the society or specific objects, the number of shareholders is greater than the number of sponsors. When issuing new shares, the number of shareholders will also increase and there is no limit to the number of shareholders. Shareholders refer to individuals or units that bear limited or unlimited liabilities for the debts of joint-stock companies and enjoy dividends and bonuses by holding shares. The size of shareholders' rights depends on the type and quantity of shares held by shareholders.
Legal basis: Article 24 of the Company Law of People's Republic of China (PRC), a limited liability company is established by capital contribution of shareholders with less than 50 members.