Company limited by shares
This is the commonest type of company in existence in the UK. It has a share capital stated in the memorandum of association not all of this may have been issued. For the formation of such companies. Most large trading organizations are companies limited by shares. They may be public or private companies (there used also to be exempt private companies).
The principal characteristics of a company limited by shares are (1) that it is a separate ‘legal persona (i.e. can contract as a person separate from its members) and (2) that the liability of the members is limited to the nominal value of the shares they have taken up.
Reference: The Penguin Business Dictionary, 3rd edt.