Andy wants to open a new business. He is considering to open a partnership or a company.

You are required to:

(a) Explain to him the nature of each style of business from the aspects of formation, liability and others.

(b) Explain to him in what circumstances a shareholder or director will be responsible for company's debts, should he choose to open a company.

Differentiate between partnership and company

Discussion on lifting corporate veil and examples of it