Jayce has come up with a wonderful idea for a new business. He has scoped out the local offerings and believes there is a strong need for an ice-cream bar in his neighborhood. Jayce lives in a very cold part of Australia where it frequently snows. While there is definitely no other icecream bar in the area, Jayce is a bit worried about how the business will do in the winter months, which are the prime months for tourists. The recipe for the ice-cream is his daughter, Genevieve's. She will sharing the recipe with the other members of the family who will be working at the bar, but she is very secretive of her recipe. Jayce wants to start the business because he wants to be able to pay for his two children, Genevieve and Grady, to study overseas. Jayce would like his children to learn how to save their money by having some of the income from the business go directly into their accounts, but at the same time he is worried that until they learn how to use the money responsibly, they may spend it all. He also thinks there may be a way of saving some money on tax depending on how the money is split between the family, but he's not really sure how that works. Jayce's wife is Tilly. Jayce and Tilly have been having some problems in their marriage lately and have separated and gotten back together at least three times in the last year. Jayce is very keen to have most of the work responsibilities in the business, but he knows that Tilly would like some as well. He's not sure if Genevieve is interested in taking some of the responsibility, but he knows Grady is not. Jayce doesn't have a lot of money and would either need to take a loan from the bank, or they would need to use Tilly's inheritance money. Jayce is quite private and isn't keen on disclosing how much money his business is making.

Jayce comes to you for advice. He would like to know which business structure would be best for his family's situation. He would like you to compare and contrast between a sole trader, a partnership/trust and both a private and a public company and advise which would be best.