QUESTION ONE $[40]$

XYZ Innovations $($Pty$)$ Ltd$.$ is a tech startup founded by John and Sarah, who are childhood

friends. The company specializes in developing cutting$-$edge software solutions for various

industries. Over the years, the company has grown rapidly and attracted investors due to its

innovative products. However, recently, XYZ Innovations $($Pty$)$ Ltd$.$ has been facing financial

difficulties, and there have been disagreements between the founders regarding the

company's future.

$1\mathrm{.}2$ 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. $(10$