NOTE: BRIEFLY EXPLAIN means you must provide a brief (i.e., very short) explanation to receive full credit QUESTION: When Jill and a few of her friends from the University of Delaware decided to start a business together, they chose to form a corporation. The company was successful for a time but eventually the business failed. When it failed, the corporation owed a substantial amount of debts to many creditors. 1. BREFLY EXPLAIN the SEVERAL reasons why Jill and her friends chose to form a corporation instead of, for example, a partnership. (7 points) 2. Jill and her friends as owners of the corporation were ordered by a judge to pay the creditors of the corporation. BRIEFLY EXPLAIN why a court would order the owners of a corporation to pay the debts of the corporation. ( 3 points)