A company limited by shares is a legal entity independent of its directors and shareholders. It can make contracts as an organisation and own assets in its name since it is a legal entity that can exist independently.

The word ‘limited’ relates to the shareholders' limited obligation. They are solely liable for any company responsibilities according to the value of their shares in that firm. No personal assets are at risk.

A company limited by guarantee has no shareholders or share capital. It is backed by guarantors who agree to pay a fixed amount towards the company's debts if required.

Profits are typically not distributed to guarantors since they are reinvested in the firm to assist and promote the company's non-profit aims.

Section 2(92) of the Companies Act of 2013 defines an unlimited company as one with unlimited shareholders' liability.

Unlimited companies have no restrictions on their liabilities. As a result, the company can utilise all of its assets to pay down its obligations while dissolving.

Shareholders in a private limited company are not personally liable for the company's debts. Their liability is limited to the amount they've invested in the company.

A private limited company is a separate legal entity, distinct from its directors and shareholders. 

This means the company can acquire assets in its own name and is responsible for its own assets, liabilities, debts, and creditors. 

Shareholders are not personally liable for the company's losses, protecting their personal assets. 

Private limited companies can raise funds through equity financing, attracting investors and providing capital for growth.