M Ltd. provides management advisory services to ACC Ltd. and is not involved in any other business. Mr. Mud is the sole shareholder and only employee of M Ltd. Mr. Mud and his son each own 50% of the issued shares of ACC Ltd. Which one of the following statements is TRUE?

		If Mr. Mud would reasonably be regarded as an employee of ACC Ltd., but for the existence of M Ltd., then M Ltd. is carrying on a "personal services business".
		M Ltd. is carrying on a "personal services business", unless it employs in the business more than five full-time employees throughout the year, which it does not.
		M Ltd. is carrying on an "active business".
		M Ltd. is carrying on a "specified investment business".