Brigitte Yin and Kate Yang come to you, their accountant, because they need some business advice as

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Question:

Brigitte Yin and Kate Yang come to you, their accountant, because they need some business advice as they have developed an “app” that they believe will be hugely successful. They have decided to formalise their casual arrangement into a business. They would like to call their company “Super Cat” and trade in that name. Brigitte and Kate will draw a wage and hope to employ an assistant upon commencement. They have little understanding of business and the processes they need to go through. They come to you seeking advice

You will consult with your clients who are intending to set up a business and will outline the business structures available to them, and the risks and impact of each structure, in terms of legal protection, potential liability, contract and other aspects. You will need to explain to them how they can mitigate any or all possible risks to their business

In order to facilitate the meeting with your clients you will set up a set of questions to ask in the interview with them to clarify their circumstances and plans, allowing you to help them effectively.

You are required to:

Prepare a questionnaire to enable you to best identify the clients’ needs, both short and long term.
Describe the available business structure options for your client
Recommend the type of company structure best suited to their needs. Give reasons for your answer, and outline all the possible consequences/impacts of each structure, including the risks of each structure, including legal protection, potential liability, contract and any other relevant aspects.
Explain to them how they can mitigate any possible risks.
What registration processes would they need to go through for their business including company registration?
What information would they require to provide to you to register a company?

The ladies also have asked for advice on the following issues:

If the business enters a contract with a supplier who will be parties to the contract? This will depend on the business structure chosen, and must be explained to the clients
After company registration, what records must be kept?
Are there any annual updates of information required by ASIC? Please explain.