give critique of CHATGPT's answer to the following exam question. Is ChatGPT giving good advice? Which structure would you recommend and why?

QUESTION POSED TO CHATGPT: Jo is a 54 year old is a single parent with two grown children who are working and living on their own. Jo earns $75,000 per year, and Jo has almost paid off the mortgage on a $500,000 home. Jo's parents recently gave the family cottage to Jo. Jo has approximately $200,000 in retirement savings, $15,000 in savings account and approximately $10,000 in other debts. Jo has been working at nights and on weekends to develop a new app. Jo is ready to start marketing the app. What business structure would you recommend? What are the benefits and risks of using that structure?

CHATGPT'S RESPONSE: Based on the information provided, it seems that Jo is starting the app business as a solo entrepreneur. In this case, I would recommend that Jo consider setting up a sole proprietorship, which is the simplest and most common form of business structure for a solo entrepreneur.

A sole proprietorship is a business structure in which the individual owner is personally responsible for all aspects of the business, including its profits, losses, debts, and legal liabilities. This means that Jo would have complete control over the business and would be able to make all decisions related to its operations.

One of the main benefits of a sole proprietorship is that it is easy and inexpensive to set up and maintain. Jo would not need to file any paperwork or pay any fees to register the business, and would simply need to report the income and expenses from the business on Jo's personal tax return. Additionally, any profits from the business would be taxed at Jo's personal income tax rate.

However, there are also some risks associated with operating a sole proprietorship. One major risk is that Jo would be personally liable for any legal or financial issues that arise from the business, meaning that Jo's personal assets, including the home and cottage, could be at risk if the business were to face legal or financial trouble.