What are Joint-Stock companies characterized by?

Joint-stock companies are characterized by having a central board of directors that manages operations and makes key decisions for the company. This structure allows for collective investment, where multiple investors can buy shares in the company, providing the needed capital for ventures, often in trade or colonization. The board of directors is responsible for overseeing the interests of the shareholders, making strategic decisions for the business, and ensuring that the company operates efficiently and profitably.

In contrast, individual ownership without oversight implies a lack of collaboration and management structure, which does not align with the nature of joint-stock companies. Government control of all operations does not describe a joint-stock company, as these companies are typically private enterprises funded by investors. Lastly, while partnerships between multiple colonies might occur within a joint-stock framework, the defining characteristic remains the centralized management rather than a partnership model.