Limited Co. vs Sole trade or Partnership

Mr Chan Tai Man has operated a property agency company under the name of Chan Kee Property Company as a sole trader for a number of years. Mr Chan has purchased two shops in his own name which are used as an office and retail outlet for the company. Now his accountant, Messrs. Chu & Chu, Certified Public Accountants has recommended that he should register as a limited company in order to gain the benefits of separate personality. He is unclear as to what is meant by this and seeks your advice as to what advantages he might accrue were he to register as a company and how he would go about registering.

Explain to Mr Chan the advantages of incorporating as a limited company rather than trading as a sole trader or a partnership. Are there any disadvantages of incorporation?

If Mr Chan is the only shareholder and the only director of the new company and the name of the new company is Chan Kee Property Company Limited, help Mr Chan to prepare the minutes of the first board meeting. Mr Chan wants to retain his existing accountant as auditor and tax representative of his new company. (You may have to make assumptions where the necessary information is not provided in the question.)