Bill and Ben both operate as sole traders as personal trainers. Bill has a very large customer base and operates from his home. Ben has a smaller business that he operates using public parks. They have decided to go into business together and both work from Bills house. They intend to borrow a substantial amount of money to invest in new equipment. They are trying to decide whether to operate as a private company or a partnership. What advice would you give to Bill? What advice would you give to Ben?