1. Tom, Dick and Harry run a successful partnership conducting a retail business. They wish to adopt a new business structure which offers them limited liability, the ability to manage the business and they also wish to keep their business affairs private. Explain what type of business structure should Tom, Dick and Harry adopt and the formalities that will be required. Type your answer here: 2. Assume Tom, Dick and Harry are appointed directors of the company, Masks R Us Pty Ltd. The company needs a ware-house to keep its stock. During the process of incorporation, all three of them sold the property they co owned to the company for $1 million. That property, which the company now uses as a ware-house, had a market value of $500,000. Explain whether Tom, Dick and Harry have breached any duties under the Corporations Act 2001 (Cth)? Use a relevant precedent to support your answer. Type your answer here