Bob and Mary are married and want to start a plumbing business. They have a large family that they can share the income with, but want asset protection. They want your succinct recommendation as to the correct business structure to be used.

Do not use IRAC to answer your question, just answer each of the below questions in a succinct manner.

Your advice should:

• State the business structure you chose.(2 points)
• Why you chose that structure, using other business structures as a comparison. (2 points)
• Include reference to relevant legislation and where appropriate case law. (2 points)