3 Saul Richards has been operating his business Richie's Auto Parts since 2012. Due to the poor road conditions in the area in which the business is situated, the demand for auto parts is always high. His main customers are the taxi associations in the immediate and surrounding communities who frequently approach his business for auto parts sometimes on a credit basis. Resulting from this is a consistently high demand for auto parts which Mr. Richards is finding difficult to supply due to lack of capital. Mr. Richards consulted a friend who expressed his willingness to partner with him in the expansion of the business. His neighbour who is a recent high school graduate, however, is encouraging him to form a limited liability company instead of a partnership which she stated would supply him with more capital for a greater expansion. She also informed him that he would no longer be a sole proprietor. Mr. Richards has always operated this business solely and must prepare his mind for the change that is coming. He is however confused with the terms sole proprietor, partnership and limited liability company. As a college student, help Mr. Richards understand the following: A. i. Define sole proprietorship and partnership (4 marks) (8 marks) ii. Explain TWO (2) advantages and disadvantages of sole proprietorship and partnership. B. Mr. Richards opted for a limited liability company instead. The company has been in operation for the past three years and opened additional branches in two other parishes. Since the onset of the COVID-19 disease, however, sales have fallen significantly and the directors and managers of the company was forced to lay off workers and scale down the operation of the branches. The company is finding it difficult to meet its obligation including a loan payment. Some employees are upset and threaten to sue the company, while shareholders are enquiring about the recovery of their investment in the company. Mr. Richards, now a director, is worried that he may lose his family home, be required to repay the shareholders and face lawsuits from employees. He is regretting his decision to change from being a sole proprietor. Should Mr. Richards be concerned and regret his decision? Use your knowledge of the characteristics of a company to explain and support your answer. (8marks)