1. Mark is going to start a business as a sole trader and is seeking your advice on the advantages and disadvantages of doing so. (5 marks)

2. Dr. Innovation has invented a medicine that helps students remembering case law and sections of statutes. Dr. Innovation is interested in setting up a business to produce and market this medicine. He needs large amounts of capital to do this. He is concerned about tax implications as well. Explain what business structure Dr. Innovation could adopt for this business.

all example and explanation is according to australian jurisdiction