Final answer:
Shares in a Joint Liability Company entail collective responsibility among members, are not easily transferable, and members may face personal liability for the company's debts, in contrast to corporations and limited liability partnerships where transferability is greater and liability is generally limited to the investment amount.
Step-by-step explanation:
In a Joint Liability Company, the nature of shares is characterized by the collective responsibility of the company's debts and obligations among its members. These shares are not typically transferable without the consent of the other partners, making them less negotiable compared to shares in corporations. Unlike a corporate structure where shareholder liability is limited to their investment and shares can freely change hands in the market, joint liability company members may be personally liable for the debts of the business.
Furthermore, shares in a joint liability company do not represent a portion of ownership that can be easily bought or sold. This contrasts with entities like limited liability partnerships, where partners' personal liability is limited to their investment, and corporations, where raising capital through the sale of stock is more straightforward due to enhanced share negotiability. The combination of personal liability for partners and restrictions on share transferability are intended to ensure a commitment to the business and mutual accountability among partners.