What type of company typically does not have limitations on member liability?

Unlimited companies are characterized by the fact that their members or shareholders have no limits on their personal liability for the debts and obligations of the company. This means that if the company faces financial difficulties or goes into liquidation, the members are personally responsible for covering the company's outstanding debts, with their personal assets at risk.

In contrast, limited companies, both private and public, provide a shield for their members, protecting their personal assets from the company’s liabilities beyond their investment in shares. This structure appeals to many investors, as it minimizes their risk exposure.

The distinction highlights an essential difference in legal and financial responsibilities among the various types of company structures, making unlimited companies unique in failing to provide that personal liability limitation.