The shareholders of any company limited by simply share are referred to as member. For other companies the members though there’re members of the organization but they aren’t shareholders. So a shareholder is additionally a member but a part is not often a shareholder. The legal heir of any deceased shareholder inherits the status of shareholder on auto-pilot, but for membership, his name must be inserted in the Register of associates. Liability of participant who subscribe into the memorandum commences with the incorporation but with regard to other members, liability commences in the date of their membership.