Alvin is a successful sole practitioner offering business consultancy services to a number of local companies. His chief competitor is Betty, who offers similar services. Betty and Alvin decide that they wish to work together, but are not sure as to which business structure would be most appropriate. They seek your advice 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 procedures by which the business is to be run;

they want to be able to run their private affairs at the same time;

they do not want to incur personal liabilities for the debts of the business;

the business can be set up in a relatively cheap and quick manner;

they do not want to put in large amounts of their own capital in setting up the business and will probably wish to raise capital from outside sources;

they wish to take on employees.

Discuss to what extent the various business structures fulfil all, or some, of the above aims and advise Alvin and Betty which business structure would be most suitable for their business. (600 words)