Khaleef, founder of the KAYUH Pushers Company, has developed several prototypes of a pedal replacement for childrens bicycles. The KAYUH Pusher will replace existing bicycle pedals with an easy release stirrup to help smaller children hold their feet on the pedals. The KAYUH Pusher will glow in the dark and will provide a musical sound as the bicycle is pedalled. Khaleef plans to purchase materials for making the product from others, assemble the products at the ventures facilities, and hire product sales representatives to sell the KAYUH Pushers through local retail and discount stores that sell children bicycles. Khaleef will need to purchase plastic pedals and extensions, bolts, washers and nuts, reflective material, and a micro-chip to provide the music when the bicycle is pedalled.

(b) Briefly describe the corporate form of business organization. What is meant by limited liability and ease to transfer ownership?