Josh and Hannah are 4thyear students at the Okanagan School of Business. They have built a business plan to launch a new business in videography and have purchased a drone with each of them contributing 50% of the cost and they also have split all other costs of cameras and video engineering software and 2 computers. They have obtained all required federal and provincial licenses to operate the drone and split those costs. Their business plan is so good that they have clients lined up at 3 ski resorts and 3 golf resorts who have verbally said they would contract their services. There is a potential of $100,000 in year one for revenues. They have come to you to ask the following questions about setting up a business.They are interested in the main areas of "legal" risk management that they need to consider in order to move forward with this business. They are interested in what type of business organizations should be set up for them? They also want to know how they should protect themselves as they know that's flying a drone over a ski Resort or Golf Course can be risky.

Please write short essay outlining what type of organization should be set up (2 marks) and why (3 marks) and what are the two most effective risk management strategies for them to be protected while they operate their drone and create videos and how they would do (5 marks)