Digger has a new mining venture and he plans to register a company. There are already 40 investors prepared to invest $10,000 each. To commence exploration $500,000 will be needed and Digger will contribute $300,000 with the remaining $200,000 made up of $5,000 from each of the other 40 investors. The company must obtain a further $500,000 after one year to complete the geological surveys and register the mining claim with the Government. At that time Digger will put in a further $300,000 and the company will need the remaining $200,000 from the other investors.

Digger wants to have sole management control of the company and keep the company's affairs private and confidential. He also knows that after the claims have been lodged next year, the growth of the company will require the number of members to at least double.

Digger's accountant has advised him that the company most suited for his needs is a no liability company. Do you agree with this advice?