A joint stock company has separate legal existence from its members after registration under the Companies Act of 1956. As an artificial person, it can carry out business, own property, and enter into contracts in its own name despite not being able to physically perform actions like humans. A company also has perpetual succession, meaning the death or insolvency of members does not affect the company's continued existence. Members have limited liability up to the amount they paid for shares, while the risk of losses is shared collectively by all shareholders.