Aaron and Jacob are both ballroom dance teachers who have been running their own studios independently to each other, with Aaron providing lessons to adult students and Jacob to school children.They want to go into business together and combine their efforts, offering private lessons and group classes to both adults and children.They bring with them into the joint business their students, many of them have been with their respective dance teachers for at least three years having regular lessons, focusing on balance, posture, leading and following, flexibility and style.They hope to expand their business further in 12 months later to have more dance teachers involved.

Based on the above fact, should they choose to incorporate their business as a small proprietary company as opposed to a public company and why?Explain your reasoning fully with relevant sections of the Corporations Act 2001 (C'th).