A joint stock company has a separate legal existence from its members after registration under the Companies Act of 1956. As an artificial person, it can own property, enter contracts, sue and be sued, though it cannot physically perform actions like an individual. A company has perpetual succession as well, so the death or insolvency of members does not affect the company's continued existence. Members' liability is limited to their share amounts, and risks of losses are shared collectively by all shareholders.