In a joint-stock company, the shareholders are the owners. A joint-stock company is a type of business entity in which the ownership is divided into shares or stocks, and each shareholder owns a proportionate share of the company. Shareholders have the right to vote on important company decisions, receive dividends, and participate in the distribution of profits. However, they are not involved in the day-to-day management or decision making of the company. That responsibility lies with the management or board of directors, who are appointed by the shareholders to oversee the company's operations.