Limited or unlimited company?
Proprietary companies may be 'limited by shares' or 'unlimited with a share capital'. Limited by shares is by far the most common type of proprietary company.
Limited by shares means the personal liability of each shareholder is limited to the amount they have agreed to pay for the shares.
Unlimited with a share capital means there is no limit on the personal liability of the shareholders. That is, shareholders could be liable for the debts of the company even if they have paid for their shares in full.
The standard company ordered through ABNAustralia.com.au is a proprietary company limited by shares.