George and May are a married couple. Before they got married, George bought a piece of land in rural Western Australia which he believed was rich in iron ore. Having established themselves financially, George and May decided to conduct explorative work and discovered that there is in fact iron ore deposit in the land, though how much is uncertain.

George and May decided that they want to conduct a business mining the iron ore. George owns the land and has other financial assets to contribute as capital while May's capital contribution will come from a substantial inheritance she is about to receive.

George and May are concerned about the riskiness of mining the iron ore and neither wants to lose their investments. However, they are both optimistic that the venture will be successful and that they will be able to expand the business and employ other family members.

Advise George and May as to the suitable business structure that they might use.

Assume they have both decided on an incorporated structure. Which would be the most suitable type of incorporated structure to use and what are the features of this structure.