After graduating from your business degree at Central Queensland University you recently commenced working at a professional consulting services firm called "Top Consulting" in the State or Territory in which you are undertaking your studies. You work in the legal compliance team and utilise your knowledge of commerce and law acquired from LAWS20059 to advise a diverse range of clients. You specialise in advising clients on how Australian law governs business structures in the operation of commercial activities. You are approached by Tom, Raj and Sulin. They attended the same high school and remained friends despite going to different universities and studying different degrees. Tom has an accounting degree and works for a small accounting firm. Sulin has a degree in horticulture and currently works for the government whilst Raj works for a real estate firm. Tom, Raj and Sulin want to leave their jobs and start their own business. They want to pool their resources, experience and skills into starting up and running a nursery business - Raj owns property that can be converted into a nursery whilst Sulin can utilise her horticultural knowledge to advise clients on the plants. Tom will be responsible for the finances utilising his accounting skills. Both Sulin and Tom have $100,000 each which they will contribute to the business. Raj will contribute the property he owns. They want to call their nursery "Garden of Eden". Since Sulin will be working the most at the nursery they agree that she would receive 40% of the profits, Raj and Tom would each receive 30% of the profits. They would like to keep costs as low as possible, but Raj and Tom are also concerned about protecting their personal assets from creditors. Raj has several investments properties and Tom has a small inheritance from his grandfather who recently passed away. For Sulin, personal liability is not an issue at present but she and her husband are saving money to buy a house. Tom, Sulin and Raj also want the flexibility of expanding if the nursery business is successful and they want to use a business structure that would allow them to raise more capital to fund the expansion. Tom, Raj and Sulin organise a meeting with your firm because they have a number of questions about different business structures. Business Structures To prepare for the client meeting your supervisor, Mary, asks you to write a summery of this report