Reflect on how your understanding of company (and company law) has changed since you started this course. What new things have you learnt about the nature of company? What are the likely challenges you might face with setting up or running a company? Make sure you refer to any relevant examples, legal principles, case law or sections from the legislation to support your answer. Briefly explain two (2) essential differences between a company limited by guarantee and a proprietary company What are the benefits and drawbacks to society of using company as a structure to conduct business? Make sure you raise points for and against with reference to material we have discussed in class such as case law, real world examples and sections from the Act. What is the meaning of "separate legal person" Support your answer with reference to legal principles, sections and case law we have discussed in class