Cathy, Donald and Eddy are the only members of Fragrance CC. They have been informed that there may be future changes in the legislation that would make it less attractive and convenient for them to continue to do business as a close corporation. They want to convert their business into a company. Fragrance CC has quite a number of creditors.Required:Advise the parties on what steps they should take to convert the close corporation into a company and explain what the effect of the conversion would be. (10 marks)