Step 1: Anchor the entire distinction on one question — “am I lending, or am I owning?”:
Buying a debenture means lending money to the company; buying a share means buying a fractional ownership stake in the company — every other difference follows from this single fork.
Step 2: Trace the consequences of ‘lending’ (debenture):
A lender expects a guaranteed, fixed return (interest) regardless of how the business performs, wants their money back on an agreed date, has no say in running the business (no vote), and reasonably expects to be paid back before the owners get anything if the business fails.
Step 3: Trace the consequences of ‘owning’ (share):
An owner's return (dividend) depends entirely on how well the business performs and is not guaranteed, the capital contributed generally stays invested permanently, the owner gets a vote in company affairs (for equity shares), and being an owner means bearing the residual risk — paid only after every creditor, including debenture holders, is settled.
Final Answer:
Debenture = lending, giving fixed interest, no vote, priority repayment; Share = owning, giving variable dividend, voting rights (for equity), and residual claim only after all creditors are paid — the single lend-vs-own distinction explains every other difference.