Ash has suggested to Johnny that they set up a proprietary company. (a) Briefly explain to Johnny…

Ash has suggested to Johnny that they set up a proprietary
company. (a) Briefly explain to Johnny the nature of the company, including
explanations of the key features of the company, and the differences between a
partnership and a company. (b) Should Ash and Johnny’s new company be a public
company or a proprietary company? Explain the differences between the two, and
why one may be more appropriate than the other.

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