James, a sole trader, is considering registering his business as a company. James wants to establish limited liability for himself as a director, shareholder, and employee of the company. Advise James on the following questions a) and b) as stated below: a) Does the creation of a company absolutely remove him from any potential liability for injury, loss, or contracts made by his company? (3.5 marks) b) Would James need any interactions with the Australian Securities and Investment Commission (ASIC) or the Australian Securities Exchange (ASX) if he set up a company? (3.5 marks)

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