THE BUBOM'S STORY BUBOM Asare was a young Ghanaian businessman who received a sizeable inheritance from his late father, and has decided to start a taxicab company in the popular city of Accra, Ghana. As a new business, BUBOM recorded a sizable amount of income, even though the competition was fierce. After a couple of years BUBOM business has grown up to eleven taxis in his fleet and the money was rolling in. Then one day: one of his drivers calls him from the road that he was involved in an accident! According to his report, BUBOM learned that the new driver he hired was not paying attention while driving and that he seriously injured a man crossing the street. On assessing the situation, BUBOM fired the driver and sent his condolences to the man in the hospital. He also went so far as to offer to pay his hospital bills, yet the victim wasn't consoled by his efforts. Two weeks later, BUBOM was served with a lawsuit, because the man can never walk again according to doctors' report. During the case, BUBOM hired some lawyers who concluded to settle the case out of court. Finally, the sum decided was vast, but BUBOM didn't have any choice. This was so because BUBOM had not formed a Corporation or a Limited Liability Company. Not only did the judgment force him to liquidate his entire business, but he also had to sell his home and give up a substantial amount of his children's' school fees. At the end, BUBOM was devastated; especially when he learned that had it been, he formed a Limited Liability Company (LLC); only the business would have been lost and his home and family's financial future would have remained intact. He was also surprised to further learned that had he placed each vehicle under comprehensive insurance policy, even the car that hit the accident victim would have hoon covorod and beDLDOMouldetill have his been covered; and he (BUBOM) would still have his business and ten other cars in his fleet. Question: What lessons are you learning from this story? Express yourself as much as possible