QUESTION 1 Joel has never been interested in study, and he is the type who likes to be physically active. He has significant savings from working during his school years which began as a bit of pocket money mowing lawns at his grandma's retirement village. He has since built up a considerable clientele by word of mouth through the retirement village and believes that he can turn this into a full-time business. Joel has been advised by a friend to operate as a sole-trader. TASK (a) What advice would you give Joel about the sole trader business structure? (4 points) (b) Joel's brother Lachlan sees how well he is doing and wants to join him in the business. What advice would you give Joel about changing the business structure to a partnership? (7 points) (c) Joel becomes more interested in plants, and after a period goes to TAFE to start a horticultural qualification. He gets quite absorbed in this and Lachlan finds he is working more and more hours in the business as Joel is often caught up with studies. Assume they had a partnership agreement that was silent on sharing of profits. What are their options? (3 points) [4+7+3 - 14 marks)