A joint-stock company refers to a company with shares as its capital, and its 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. . 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".