1) Business Structures - Short answer questions (10 marks) From the five scenarios described below, indicate giving your reasons the business structure each one is likely to take-sole trader, partnership or company. 1. Jack and Lee wish to start a business selling computer software. They are concerned about the legal issues (e.g. their personal liabilities) for this business once they start trading. (2 marks) 2. George has just commenced a lawn mowing business by himself using his $2000 lottery win. He wishes to employ his wife as the bookkeeper. (2 marks) 3. As friends at university, Paul, John and Judy studied business course. They are now setting up a small accounting business specialising in taxation returns and investment advice. (2 marks) 4. Two brothers Lachlan and Sean are trained carpenters. They wish to combine their businesses into one so that they can share resources and take time off work for family holidays. (2 marks) 5. Three engineers Phillip, Jason and Jessie wish to set up a mining business searching for copper and they want to list their business on the Australian Securities Exchange. (2 marks)