Ada, Beatrix and Collins have been friends for a long time. Recently, they have an idea of conducting business for profit together and want to start running the business as soon as possible. All of them want to take part in the dayto-day management of the business.Since all of them have limited budgets, they do not want to invest too much money in the formation of the business. It is also their wish to keep any personal loss in the business within a particular limit.Required:Advise Ada, Beatrix and Collins as to the different forms, or what types, of business organisation for carrying on business in the Hong Kong Special Administrative Region which are appropriate/could meet their requirements. (10 marks)