In economics and law, issued shares are the shares of a corporation which have been allocated (allotted) and are subsequently held by shareholders.
[1][2] The act of creating new issued shares is called issuance.
Allotment is simply the transfer of shares to a subscriber.
After allotment, a subscriber becomes a shareholder, though usually that also requires formal entry in a share registry.
[4] Shares are most commonly issued fully paid, in which case the liability of the shareholders is limited to the amount paid on the shares; but they may also be issued shares that are partly paid, with unlimited liability, subject to guarantee, or some other form.