Which of the following is INCORRECT in relation to business names?

The business name of a private company limited by shares must end in “Limited” or “Ltd”.

Both public and private companies may use a business name.

If a business name is used, the name of the proprietor must be stated on business correspondence and at the premises where the business is carried on.

If a business name is used which is the same or very similar to that of an existing business, an action in the tort of passing off may be brought by the existing business.