QUESTION 1 (a) When a company is incorporated, it is clothed with a veil of incorporation. Explain any FIVE (5) advantages of incorporating of a company. (15 marks) (b) A company is a separate legal person distinct from its members. This principle may be referred to as the veil of incorporation. Explain any TWO (2) situations where the veil of incorporation may be lifted under Companies Act 2016. (10 marks) [Total: 25 marks] QUESTION 2 Dranreb, a sole trader has converted his business from a sole trader into a company. The company, Gogo Son Bhd is duly incorporated under Companies Act 2016. Prior to the conversion, Dranreb has entered into a contract to sell a piece of land to Quaker. However, before the land was transferred to Quaker, Dranreb has changed his mind and transferred the land to his new company, Gogo Sun Bhd. Discuss. (15 marks) (b) Benny was the promoter of Global Son Bhd. In anticipation of its incorporation, Benny ordered RM500,000 worth of goods. The company is now refusing to pay and take delivery of the goods. Discuss. (10 marks) [Total: 25 marks]