Question 1 Answer a_H parts of this question. Mick and Keith have been trading for several years as partners in a traditional lunlimited partnership which organises musical festival events throughout the United Kingdom and Europe. The partnership is expanding rapidly and is making substantial prots. They seek your advice as to whether they should form either a private company limited by shares or a limited liability partnership. They have also heard that there are restrictions as to the name a private company or a limited liability partnership can use. Required: a) Explain to them both the advantages and disadvantages of turning their traditional partnership into either a private company limited by shares or a limited liability partnership. (12 marks) b) Explain to them the limitation on names that may be adopted by a private limited company or a limited liability partnership. (6 marks) c) Briey explain why in practice a private company limited by shares would be the preferred option for Mick and Keith. (2 marks) Tnl'al 90 mark