QUESTION 3 (a) The agency problem is inevitable, and virtually exists in every institution whether a business, church, club, or government. Organizations try to solve it by instituting measures that are geared towards restraining it. Required: What is agency problem within the context of a limited liability company? (5 marks) (b) A corporation is an organization, or a group of companies authorized to act as a single entity, and established by a charter passed by parliament or legislature. Required: Outline five reasons why corporation is preferred to other forms of business (5 marks) (c) Business objectives are basic tools that underlie all planning and strategic activities. Required: Enumerate four main objectives of businesses. (4 marks) (d) Briefly explain three financial decisions? (6 marks) (Total: 20 marks)