A company is an enterprise organization established through legal procedures, including limited liability companies and joint-stock limited companies. A company is a legal entity that enjoys independent legal property rights. The company is liable for its debts with all its assets. Shareholders of a limited liability company are limited to the amount of their subscribed capital, while shareholders of a joint-stock limited company are liable for the company's debts to the extent of their subscribed shares. The typical characteristic of a company is the separation of ownership and management rights. The shareholders of the company elect some individuals as directors to form a board of directors to represent the interests of shareholders. The members of the board of directors can be shareholders or not. The board of directors is responsible to the shareholders' meeting, decides on major matters of the company, and authorizes the manager to manage daily operations.