Ming has been running a small business as a sole proprietor for several years. Due to a change in law, the business may now be exposed to liability for breaches of safety standards on goods that are imported from overseas by the business. Ming has some control over the standards of goods imported, but occasionally a product may be found by the authorities to be substandard, which on legal advice may make him (as the importer) personally liable. The checking of each product is quite difficult given the goods are imported in bulk and already packaged. Ming wants some advice on the prospects of setting up a one person company, and whether this would resolve his fears of potential litigation. However Ming is unsure of what formalities he will have to undertake and any potential technicalities and regulations he would have to comply with if he moved the business into a company format. Advise Ming on the advantages of forming a one person company, and further what legal obligations he would need to comply with.