Company Limited by Shares:
Shareholders' liability is limited to the nominal share amount mentioned in the Memorandum of Association.
Company Limited by Guarantee:
Member liability is limited to the amount of guarantee specified in the Memorandum of Association. This guarantee is invoked only during winding up.
Unlimited Companies:
Members of unlimited companies have unlimited personal liability for the company's debts and liabilities. However, they are still considered a separate legal entity, and individual members cannot be sued.