Dictionary.net

a company (usually unincorporated) which has the capital of its members pooled in a common fund; transferable shares represent ownership interest; shareholders are legally liable for all debts of the company

a company (usually unincorporated) which has the capital of its members pooled in a common fund; transferable shares represent ownership interest; shareholders are legally liable for all debts of the company

n. A mercantile banking or operative association, usually of a large number of partners, with a stock or capital made up of transferable shares, which have been paid up in part or in full.