3. Abusiness is currently run and owned as a partnership by Jeff and Mabel, a married couple, who have been slowly growing this profitable business with a view to encouraging other family members to join their business. The parents (Jeff and Mabel) are seeking advice how they might convert their partnership into a corporate form so as to access the benets of running the business through a new corporate form. Required: Jeff and Mabel consult you and ask for advice on various questions concerning the creation of a company. Give advice on the following issues : a) Jeff and Mabel do not want a complex type of company but one that can handle significant business with a turnover of about $10 million. 'What type or types of company would suit Jeff and Mabel? b) Jeff and Mabel want to establish a corporate form that allows the company to either prohibit or put conditions on the transfer of shares to any non-family member c) The parents also want to ensure that any decisions as to the payment of dividends to members must be made by a company meeting and not by directors. d) The parents wish to know how they can ensure that the members of the company comply with any company rules that they choose to create. [4 X 2.5 = 10 marks]