can you apply the following information to the scenario to provide an "application (Irac)" answer to the question "how liability for the company's debts will be shared between her and Eve" Information: Section 124[1] provides that an incorporated company has the legal capacity and powers of an individual both in and outside this jurisdiction. Meaning that a company can enter into contracts, own property, and sue or be sued, just like an individual can. While a company can be held liable for its debts, shareholders liability is limited to their investment in the company's shares and limited to any amount unpaid on the shares per s 9.

A company limited by shares must have at least one director per s 198A. Liability is limited to the amount unpaid to the company for the shares subscribed for per s 516. If a share is partly paid then the once company receives full payment of shares issued, there is no further liability for shareholders.

A guarantee is an undertaking by each member to make a contribution of money to the funds of the company in the event the company is wound up and cannot pay its debts. The member's liability is limited to the amount of the guarantee given by the member per s 517. The guaranteed amount must be set out in the registration application per s 117(2)(m).

Scenario: Mai graduated from Charles Sturt University 6 years ago and for the last 5 years has been working for digital technology companies in Australia and overseas. She has recently returned to Australia and wants to build an app that helps drivers of electric vehicles (EVs) to find and book charging stations. Mai believes the app has great potential as there is nothing that currently offers real time availability for EV charging.

Mai has been saving hard and has over $50,000 to contribute to establish the business. In addition to using this money to build the app, she wants to lease an office space and hire a small team to work with her. She also wants to invite a good friend Eve, also from CSU, to join her in the business. Eve has 6 years experience working for e-commerce start-ups building technology infrastructure and apps, and is willing to contribute $20,000 towards start-up costs.