Unlike a company limited by shares, which has shareholders, a company limited by guarantee has guarantors. A guarantor in a company limited by guarantee is a person or entity that agrees to guarantee a specific amount of money towards the company's liabilities in the event of it being wound up. This means that if the company is unable to pay its debts, the guarantors are personally liable to contribute the guaranteed amount to cover the company's obligations.

The role of a guarantor goes beyond just providing financial security to the company. Guarantors also have certain legal responsibilities and obligations. They are required to act in the best interests of the company, and exercise their powers and duties with reasonable care, skill, and diligence. Guarantors may also be involved in decision-making processes, such as voting on important matters affecting the company.