Joint Stock Company is simply called a Company. People who are interested in carrying out any objective, say business or cultural may form an association and contribute money or some other items instead of money towards their share in the association. If they register this association under Companies Act, it will become a Joint Stock Company. A company is formed by the process of law i.e. promoters fulfil all the legal formalities and get the company registered with Registrars of Company. After the company is registered, it comes into being as an independent person, though artificial, in the eyes of law. Law recognises the Company as a distinct person separate from its promoters.