Issued shares is a period of law and finance for the number of shares of a corporation which have been allotted and afterward held by shareholders. The act of creating new issued shares is called issuance. Allotment is only the creation of shares and their transfer to a subscriber. After allocation, a subscriber becomes a shareholder, though generally that also requires a formal entry in the share registry.The issued shares of a corporation from the equity capital of the corporation, and some corporations are required by law to have a minimum value of equity capital, while others may not need any or just a nominal number. The value of the issued shares was determined at the time they are issued and the value does not change, in relation to the issuing corporation after that time. Shares are most generally issued, fully paid, in which case the responsibility of the shareholders is limited to the amount paid on the shares; but they may also be issued partly paid, with unlimited liability, subject to guarantee, or some other form.