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B.1 (a) The setting up of a business involves the creation of a corporation. A corporation is an artificial legal person created by law and thus has rights and obligations which must be adhered to by law. There are two distinct types of corporation. In the case of David, Eleanor, Frank and Gina their corporation would be a 'corporation aggregate'. A corporation aggregate consists of a number of persons who, in law, form a single person, the single person would be DEFG (Boatcraft) Limited. Corporations aggregate can be further broken down into three different types of companies; chartered companies, statutory companies and registered companies. DEFG would come under the category of registered companies and are formed under the relevant company legislation, currently the Companies Act 1985. The four friends want their company to be a limited company and therefore their company would be a private company. The promotion...

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