CRITICAL THINKING ASSIGNMENT A corporation is a legal business structure who are legally distinct (separate) from the business that is created under state laws. The owners of a corporation are called stockholders (or shareholders) and may or may not be employees of the corporation. Most corporations rely on a combination of debt (liabilities) and equity (stock) to raise capital. Both debt and equity financing have the goal of obtaining funding, often referred to as capital, to be used to acquire other assets needed for operations or expansion. Capital consists of the total cash and other assets owned by a company. Assuming that Few Partners have been trading successfully under the business "General Partnership" in Sultanate of Oman for the past of 5 years. However, their business has grown so much that they now think it is a time to consider converting the business into a Joint Stock Company (Establishment) Assignment/Home Work Required: b) What are the legal formalities they have to undergo to operate business as a Joint Stock Company in Oman?