QUESTION $3(20$ MARKS$)$

Your friend is keen to start a business. He is asking your advice on the importance of a business plan and what proprietorship to start with and why.

a$)$ Explain to him FOUR $(4)$ reasons why he needs to prepare for a business plan before starting a business.

$(8$ Marks$)$

b$)$ Explain and differentiate between sole proprietorship, partnership, private limited and public limited$,$ and advise him which is the best for him at the moment and why.

$(12$ Marks$)$