In 2003, for example, China modeled 80% of its state-owned enterprises on a company-type management system. Many state institutions and enterprises in China and Russia have transformed into joint-stock companies, with part of their shares being listed on public stock markets. Companies are also sometimes distinguished into public companies and private companies for legal and regulatory purposes. Private companies do not have publicly traded shares, and often contain restrictions on transfers of shares. In some jurisdictions, private companies have maximum numbers of shareholders. In legal parlance, the owners of a company are normally referred to as the “members”.
- Having a