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<h1>Shareholders in Companies: Membership Rules, Rights, and Liabilities Explained Under Company Law</h1> In a company limited by shares, shareholders are considered members. Members can join by subscribing to the Memorandum, applying for shares, or holding equity recorded by a depository. A public company requires at least seven members, while a private company needs two, with a maximum of fifty members excluding employees. Membership can cease through transfer, forfeiture, or other specified events. Members have rights to receive financial reports, inspect company records, and attend meetings. They are liable for the full nominal value of their shares, with liability becoming unlimited if membership falls below statutory minimums and business continues.