A joint stock company or a public limited liability company is that form of business organization in which the liability of the shareholders is limited to the amount of capital they contributed and the unpaid part of the capital allotted to them. It must have a minimum of seven members but no maximum membership is prescribed for it.

The term nationalisation refers to public ownership and control of business enterprises formerly owned by private interests. In other words, nationalization may be defined to as the taking over of transfer from private to state or government, and the ownership and control of business enterprises for economic, social and political reasons.