(b) Jerry and Timothy are intending to start a tuition business and are uncertain as to whether a partnership or a company structure would better suit them, bearing in mind the following concerns:

- A minimal reporting burden

- Minimal or no personal liability for the liabilities of the business

- Minimal tax burden

- A structure not easily dissolved by changes in circumstances of the entity.

- They will need access to extra capital in the future.

- They will want to hire employees and appropriate management personnel as they expand the business.