In the event of liquidation, Australia common shares have rights to a company's assets only after bondholders, other debt holders, and preferred Australia common shares have been satisfied. Typically, Australia common shares receive one vote per share to elect the company’s board of directors (although the number of votes is not always directly proportional to the number of shares owned). The board of directors is the group of individuals that represents the owners of the corporation and oversees major decisions for the company.

Australia common shares also receive voting rights regarding other company matters such as stock splits and company objectives. In addition to voting rights, Australia common shares sometimes enjoy what are called "preemptive rights". Preemptive rights allow Australia common shares to maintain their proportional ownership in the company in the event that the company issues another offering of stock. This means that Australia common shares with preemptive rights have the right but not the obligation to purchase as many new shares of the stock as it would take to maintain their proportional ownership in the company. also called junior equity or common stock.

Common share capital can be referred to as venture or risk capital. Common Australia common shares stand the highest risk of losing all or part of their investment in the event of company being disolved. This position is resulting from the fact that company's creditors, bond holders, and preferred Australia common shares have prior rights to dividends and assets of the company. The majority of shares traded on exchanges are common shares. The stock quotes typically refer to common shares, unless a specific label is appended to the stock symbol.

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