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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.
Soon afterwards, in 1602, the Dutch East India Company issued shares that were made tradable on the Amsterdam Stock Exchange.
The first joint-stock companies to be implemented in the Americas were The London Company and The Plymouth Company.
Transferable shares often earned positive returns on equity, which is evidenced by investment in companies like the British East India Company, which used the financing model to manage trade in India.