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A company limited by shares can either be a private or public company limited by shares (compare with unlimited company and company limited by guarantee). While many of the key features of all companies limited by shares are similar (separate legal personality, limited liability, etc), the private limited company is distinguished by having no minimum issued share capital, no restriction on amount paid up on shares in issue, and the fact that shares cannot be offered to the public (CA 2006, s 755). Private limited companies must have at least one director (CA 2006, s 154), and are not required to have a company secretary, although they may choose to do so (CA 2006, s 270). Subject to certain statutory exceptions, the company's name must include the word 'limited' or 'ltd' (or the Welsh equivalents) (CA 2006, s 59).