$1\mathrm{.}2$ Write a short note identifying the type of company XYZ $($Pty$)$ Ltd is and set out $4($four$)$ characteristics that are specific to this type of company.

$1\mathrm{.}3$ Given the company's financial difficulties, John and Sarah are concerned about their personal liability. They want to understand how limited liability and the concept of separate legal personality, as provided by the Companies Act $71$ of $2008$ operate.

$(10)$