Read the following facts and answer the questions that follow using ILAC: Jack, John, and Pam are university friends and decide to go into business in Auckland after leaving university. They, have, on an informal basis, already started a sports equipment business. They are currently running this business from Jack's back yard. Business has picked up rapidly and they are now considering moving to the next level. They are considering running the business either as a partnership or as a company. They know that you are a student of Law of Business Organisations and they have approached you for advice. Specifically, they seek your advice on the following: 1) They want to know about their potential liabilities and other related consequences for them if they decide to run the business as a partnership or as a company. Direct them on these liabilities and related consequences with regards to both the partnership and company pointing out the similarities and differences. REQUIRED: Using ILAC (Issue, Law. Application, Conclusion), advise Jack, John, and Pam, taking into consideration and discussing each of the specific areas of interest which they have enquired on. Refer closely to and discuss the relevant case law and the relevant sections of the Partnership Act 2019 and the Companies Act 1993 to support your