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A company is a separate legal entity and can incur debt, sue and be sued. The company’s shareholders the owners can limit their personal liability and are generally not responsible for company debts. A company is a complex business structure and has high set-up and reporting costs. You can form a company as either a private also known as proprietary or public entity. A registered company must have at least one director and a company secretary unless it is a private company A company is a complex business structure and has high set-up and reporting costs. You can form a company as either a private also known as proprietary or public entity. A registered company must have at least one director and a company secretary unless it is a private construction company.