A joint-stock company is a type of business organization where multiple investors contribute capital by purchasing shares. Each shareholder owns a portion of the company and shares in its profits and losses. This structure allows for the pooling of resources, making it easier to fund larger projects and expand operations. These companies are typically managed by a board of directors, who make decisions on behalf of the shareholders. Joint-stock companies can be publicly traded, allowing shares to be bought and sold on stock exchanges, or privately held, where shares are not available to the general public.