Eric, Kevin, and David want to set up a company in Fiji and register it as Nice Limited. You are their close friend and since you are working in financial institution, provide them your advice on the following matters:

1. Limitation imposed upon choice of business name in accordance with the provisions of the registration of business names as set out in Companies Act of Fiji 2015. (2.5 marks)
2. The type of companies and their nature. (2.5 marks)