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Alvin is a successful sole practitioner offering businessconsultancy services to a number of local companies. His chiefcompetitor is Betty, who offers similar services. Betty and Alvindecide that they wish to work together, but are not sure as towhich business structure would be most appropriate. They seek youradvice regarding which business structure would be most suitable,bearing in mind:
• they wish to avoid many formalities and regulations;
• they expect to have flexibility in establishing the proceduresby which the business is to be run;
• they want to be able to run their private affairs at the sametime;
• they do not want to incur personal liabilities for the debtsof the business;
• the business can be set up in a relatively cheap and quickmanner;
• they do not want to put in large amounts of their own capitalin setting up the business and will probably wish to raise capitalfrom outside sources;
• they wish to take on employees.
Discuss to what extent the various business structures fulfilall, or some, of the above aims and advise Alvin and Betty whichbusiness structure would be most suitable for their business. (600words)
