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.

Read the following facts and answe: the questions that follow using iLAC: Jack, John, and Pam are university tn'ends and decide to go into business in Auckland alter 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 rapidy and they are now considering moving to the next level. "they are considen'ng running the business either as a partnership or as a company. They know that you are a student of Lat-lr of Business Organisations and they have approached you for advice. Specically, they see-it your advice on the following: I 1} They want to lmouv about their potential liabilities and other related oonseouenoes for them ifthey 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