A limited liability company is a legal entity formed by shareholders who jointly contribute capital, with each shareholder being liable for the company's obligations up to the amount of their capital contribution. Shareholders of a limited liability company can participate in the ownership and profit distribution of the company by purchasing shares. In mainland China, a limited liability company is under the system of mixed ownership, whereby the state, collective entities, and individuals jointly own the company. A limited liability company must have at least two shareholders, with more than half of them being residents of mainland China. The number of directors in a company ranges from five to nineteen, and at least half of them must be mainland residents. While it is not necessary for a limited liability company to appoint a legal representative, it must have a company secretary. There is no minimum requirement for registered capital, but the monetary capital contributed by the shareholders must not be less than 30% of the total registered capital. Shareholders can make contributions in the form of currency, intangible assets, etc., which must be evaluated. A limited liability company in mainland China is a legal entity participating in the open market, and can raise funds by issuing shares.