Tina runs a single-director proprietary company called Fashion X Pty Ltd.

1. Discuss the rules that Fashion X must operate under and the powers of James under the Corporations Act.

2. Is it possible for this company to make a contract at common law and under the Corporations Act?

3. Tina is considering bringing her sister into the company as a shareholder. Explain what difference that will make to the company.

4. Tina wants to raise more capital to increase the size of the company and expand its business. What options does Tina have in seeking to raise more funds?

5. Explain the implications of Fashion X becoming a public company.

6. Does the concept of a company being described as an 'artificial legal person' apply to this scenario? Provide an example of a case where this concept has been applied?