QUESTION $2$ Tom and Jerry are planning to launch a tech start$-$up together. They are considering forming a partnership. Required: Discuss the implications of Tom and Jerry's decision. $(10$ marks$)$ Caelifera is considering starting a small clothing business. However, Caelifera is unsure whether to operate as a sole proprietorship or form a corporation. Hence, Caelifera seeks advice from his friend, Picidae to choose the best option in establishing his small clothing business. Picidae stated that limited companies are better than sole proprietorships. Required: In light of the above statement, discuss why limited companies are better in comparison to sole proprietorships. Also, suggest whether Caelifera should choose a limited company or sole proprietorship. $(15$ marks$)$