Ali,Asad andAmeer have been carrying out an auto-parts business for the last seven years under a partnership arrangement in which the initial capital was contributed equally by them. They were jointly responsible for the management and all liabilities of the firm were shared equally by them. Now they want to convert their business arrangement from a partnership to a private company limited by shares in whichAli,Asad andAmeer shall hold 50%, 30% and 20% of the shares respectively.Required:Advise the three partners whether they can convert their partnership arrangement into a private company limited by shares and, what effect will this change in the percentage balance of ownership have on their liabilities. (10 marks)