, ▁as ▁with ▁an ▁un in cor por ated ▁association , ▁it ▁does ▁not ▁have ▁a ▁separate ▁legal ▁entity ▁and ▁the ▁trust ees ▁must ▁themselves ▁own ▁property ▁and ▁enter ▁into ▁contract s . ▁The ▁trust ees ▁are ▁also ▁li able ▁if ▁the ▁char ity ▁is ▁su ed ▁or ▁inc urs ▁li ability . ▁ ▁A ▁company ▁limited ▁by ▁guarantee ▁is ▁a ▁private ▁limited ▁company ▁where ▁the ▁li ability ▁of ▁members ▁is ▁limited . ▁A ▁guarantee ▁company ▁does ▁not ▁have ▁a ▁share ▁capital , ▁but ▁instead ▁has ▁members ▁who ▁are ▁gu ar ant ors ▁instead ▁of ▁share hold ers . ▁In ▁the ▁event ▁of ▁the ▁company ▁being ▁w ound ▁up , ▁the ▁members ▁agree ▁to ▁pay ▁a ▁nom inal ▁sum ▁which ▁can ▁be ▁as ▁little ▁as ▁£ 1 . ▁A ▁company ▁limited ▁by ▁guarantee ▁is ▁a ▁useful ▁structure ▁for ▁a ▁char ity ▁where ▁it ▁is ▁des irable ▁for ▁the ▁trust ees ▁to ▁have ▁the ▁protection ▁of ▁limited ▁li ability . ▁Also , ▁the ▁char ity ▁has ▁legal ▁person ality , ▁and ▁so ▁can ▁enter ▁into ▁contract s , ▁such ▁as ▁employ ment ▁contract s ▁in ▁its ▁own ▁name . ▁ ▁A ▁small ▁number ▁of ▁char ities ▁are ▁incorpor ated ▁by ▁royal ▁char ter , ▁a ▁document ▁which ▁creates ▁a ▁corpor ation ▁with ▁legal ▁person ality ▁( or , ▁in ▁some ▁instances , ▁transform s ▁a ▁char ity ▁incorpor ated ▁as ▁a ▁company ▁into ▁a ▁char ity ▁incorpor ated ▁by ▁royal ▁char ter ). ▁The ▁char ter ▁must ▁be ▁approved ▁by ▁the ▁Priv y ▁Council