Claire and Ric wish to start up a business as Business Management Consultants in Hitchin, Hertfordshire. They have approached their local bank, Hustle PLC, for a loan to pay for some IT equipment and software licenses. The bank is willing to lend the money provided that Claire and Ric draw up a proposal of what type of business medium they are proposing to use.

Advise Claire and Ric on two suitable business mediums highlighting the advantages and disadvantages of each.