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Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability.
In the United Kingdom and other countries that have adopted its model of company law, they are known as unlimited companies.
Divisions were usually cash, but when working capital was low and detrimental to the survival of the company, divisions were either postponed or paid out in remaining cargo, which could be sold by shareholders for profit.
However, in general, incorporation was possible by royal charter or private act, and it was limited because of the government's jealous protection of the privileges and advantages thereby granted.
The company is managed on behalf of the shareholders by a board of directors, elected at an annual general meeting.