Question: can you please help me answer this question? . Read the following scena Jess and her sister are keen to open a business selling homewares
can you please help me answer this question?
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Read the following scena Jess and her sister are keen to open a business selling homewares imported from Korea and Japan. They go to see their lawyer, Jai, to discuss the structure of the business. Jess is particularly interested in Jai's advice about whether they should run their business as a partnership or choose the incorporation option. During these discussions, she also seeks advice from Jai about how she can promote other business ideas she has. She wants to avoid spending a lot of time and effort on registration of her business ideas. Jai suggests that Jess might like to consider purchasing a "shelf company" Jess and her sister are both purchasing the apartments in which they live. They are very keen to ensure that these items of property should be protected from actions by creditors of their business. They ask Jai about how this might influence the business structure they may choose. Jess discusses with Jai her concerns about raising capital to expand her business in the future. Finally, Jess and her sister seek advice from Jai about whether their personal assets will be vulnerable to actions from outsiders in circumstances where they are the driving force behind the business. Will a corporate structure really provide appropriate protection for their personal assets? Q10-a and b Questions related to the scenario: (a) Outline the process that Jess and her sister will need to follow to create a partnership for their business structure. (5 marks) (b) Outline the process that Jess and her sister would need to follow to have her business registered as a company in Australia
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