Each company must have at least one member as a legal requirement.
Membership status is attained when an individual’s details are officially registered in the company’s membership records.
Simply possessing shares does not automatically confer membership status; they are distinct roles.
While it’s common for shareholders to also hold membership, exceptions exist.
For example, ownership via a nominee may make one a shareholder, while the nominee, registered in the company’s records, is the official member.
In companies operating under a guarantee, members are not shareholders, given the absence of share capital.