Diwan Chand is a 70-year-old wealthy person who belongs to a trading family. He owns a very big sole proprietorship grocery business in which he is assisted by his two brothers, three sons, and four grandsons. The family is inclined to expand their business and want to float a company.

(a)Advise Diwan Chand and family about the type of company most suitable to their requirements.

(b)Now assuming yourself to be a person who want to start a business, enlist the steps you would take to form a company under Indian laws.