Jack and his friend Josh decide to form a company and ask you the following questions:

a) What steps do they need to take to start a company? b) If their business needs to borrow money as working capital, what should they do to ensure that the company is liable to the bank and not them personally? c) If they are directors and the only people who work in the business, would they be covered by workers' compensation?

Advise Jack and Josh under Company Law.