A joint-stock company resembles a large partnership, in which the shares of the partners are represented by stock, just as in a corporation. It is like a partnership in that each member is liable, jointly and severally, for the full debts of the company. But unlike a partnership, the death or retirement of one shareholder will not dissolve the company. It is also different from a partnership in that a shareholder is not an agent of the company, unless properly elected or appointed to be such.