QUESTION ONE Section 15 of the Companies Act 1993 provides that a company \"is a legal entity in its own right separate from its shareholders\". Required; Explain why a company being an entity in its own right can be advantageous for a small or medium sized entity (SME). You should discuss two reasons. (10 Marks) TI T Andy, Bella and Chas are musicians. They form a band in order to tour the major towns of New Zealand. Each of the band members provides their own instrument but they share the costs of travel. They each get paid ve percent of gross theatre takings. Chas tends to get carried away on stage and, at one performance, causes considerable damage to the venue's sound system. When Chas disappears, the venue's owner demands that Andy and Bella pay for the damage which Chas caused. Required; Explain to Andy and Bella whether a court is likely to hold them liable for the damage caused by Chas. (15 Marks)