Question One 7 Marks Discuss what factors Haili and John may have taken into consideration in deciding whether to form a proprietary company instead of a partnership. Please outline the characteristics of partnerships and proprietary companies and write notes on the advantages and disadvantages of each type of business structure. Your answer should include an analysis of the liability Haili and John would have under each structure, should the business incurs debts. Discuss the procedure and the legal requirements that may have been required to be satised under the Corporations Act 2001 (Cth) to convert the company from Sparkle Pty Ltd to a public company