Chang and Lee have developed a very unique and easy to use app which helps university students to readily access and comprehend current information on business sustainability and ethics. This app has already attracted many customers throughout Australia. Chang and Lee have also received considerable interest in their app from students, academics, and private and public organisations overseas. Chang and Lee are young business graduates who do not have collateral assets and access to traditional loan funds from a bank or other financial institution.

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With regards to the above issues, advise Chang and Lee as to what type of a business entity they could establish and utilise in order to operate their developing app business and acquire ongoing funding from investors. Your advice should also include any advantages and disadvantages associated with such a business entity.