ying and yang are accountants and partners in their accounting firm. ying is concerned anout he lavish spending habits of yang who is constantly buying expensive business equipment and creating large amounts of business debt. ying is also concerned that yang has given some clientss of the firm dodgy gfinancial advice and that the client my suffer financial loss as a result.

1.explain to ying ,with legal reasons,whether he will be liable for the business debts and whether he will be liable to compensate the firm's client should the client sue for compensation for financial loss caused by yang's professional negligence.

2.assume yang has been successfully sued for the partnership's debts. explain, with legan reasons, what type of business structure should ying consider to adoptto aviod a repeat of this expensive financial lesson and which will also him to keep business affairs private. in your answer, identify the formalities that will be required in creating the new business structure