Smith, Thomas and Joan Decided that They have Sufficient Complementary Skills – Business Law, Singapore

Assignment Details:

Smith, Thomas and Joan decided that they have sufficient complementary skills and sufficient to conduct their own business together.

They all want to be involved in the day-to-day business activity and they want to keep control strictly limited to themselves, but also wish to place a limit on the amount of capital they can lose.

They have been told that there are several different ways in which their business could be organized, but they are currently undecided as to which they should choose.

QUESTION

With reference to the common law, advise Smith, Thomas and Joan as to which of the forms of business organizations considered best suits their intentions.