Part B: Business Structures question

• Read the questions below on Business Structures.

• A minimum of 3 genuine and relevant references are required for this part of the report. Examples of relevant references for this question include the Corporations Act 2001 (Cth); the Australian and Securities and Investment Commission’s (ASIC) website (www.asic.gov.au), the website of the Australian Business Register’s (ABR) website (www.abr.gov.au).

• Your references must be listed in a Reference list at the end of the Part B question. 

You have graduated from Holmes Institute with a Master’s Degree in Professional Accounting, and you’re employed as an accountant/financial advisor, for an accounting firm called Big Business Accountants.

Harry is a client, and he has made an appointment to see you. Harry is keen in starting a business. This business he is proposing to start is a bakery. Harry has qualifications in bakery which includes making cakes, bread, pastries.

Harry, has saved up his money and he has about $50,000.00 in cash. He hasn’t bought any equipment but he has found a shop which he is considering leasing where his bakery business will be operating from.

Harry has always been an employee and now he would like to know what type of business structure he should have for his bakery.

Your task is to write a report to Harry about the types of business structures that you consider would be suitable for Harry to consider.