What represents a business model with limited liability where shares are not publicly traded?

A Private Limited Company is characterized by its limited liability status, which means that the owners are only responsible for the company’s debts to the extent of their investments in the company. This structure protects the personal assets of the shareholders, making it a safer option for entrepreneurially-minded individuals. Furthermore, shares in a Private Limited Company are not traded on the stock exchange; instead, they are typically held by a small group of investors, family, or friends. This private ownership allows for more control and flexibility in decision-making without the pressures associated with public trading.

While a Public Limited Company does offer limited liability and its shares can be traded publicly, a Sole Trader operates without this limited liability protection, exposing personal assets to business liabilities. A Franchise is a different business arrangement altogether, involving the rights to operate a business under another brand's established system, rather than a specific company ownership structure.