Typically, the liability of a company’s members is limited—though exceptions exist—based on the provisions of the charter, governing legislation, or the memorandum of association. Companies may operate as public limited companies, whose shares can be freely transferred and owned by the general public, or as private limited companies (Pvt. Ltd.), where ownership is confined to specific members. Depending on the structure, entities may be limited by shares, limited by guarantee, or classified as unlimited companies. While shareholders own the company, its affairs are managed by a board of directors.