Pronunciation: ( joint'stok'), [key]
1. an association of individuals in a business enterprise with transferable shares of stock, much like a corporation except that stockholders are liable for the debts of the business.
2. Brit.an incorporated business with transferable shares and with shareholders having either limited or unlimited liability for debts of the business.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.