A Company Limited by Guarantee does not generally have a share capital or shareholders, but instead has members who act as guarantors. The members give an undertaking to contribute a nominal amount (typically very small) in the event of the company being wound up. A company limited by guarantee is a distinct legal entity from its owners, and is responsible for its own debts. A member is only responsible for paying company debts up to the amount of his/her guarantee and their personal assets are protected. Many sporting clubs or societies are structured as companies limited by guarantee and joining members become Guarantee Members.