Oliver and Victor are work colleagues and they have been working on a recipe prepared by Oliver. The recipe is for a soft drink which they think if works out would be a jackpot deal. Oliver and Victor are very confident as they have got positive reviews from their friends and families and have also got further enquiries to sell them in events. Victor thinks this is a good sign and thus want to venture this along with Oliver in starting a business. All that they know about is just the manufacturing process of the soft drink whereas they are unsure about the business set up and their Australian financial obligations (taxation, superannuation) and they don't want to be personally liable. Oliver is ready to contribute $100,000 as cash and Victor is also contributing the same. They are planning to employ 2 fulltime employees, 1 part time and casuals if needed. They would like to Bank with Bank of Melbourne. They are wishing to start the business by 1st of July 2019 as they have already finalized the warehouse for manufacturing. The soft drink is planned to sell at an MRP for $4.50 after meeting all their cost. They have budgeted to sell 200000 thousand soft drink by the financial year end. They are planning to provide credit to customers (retailers) as they are new in market thus choosing accrual basis for accounting purposes. As they are unsure about the legal and tax obligations requirements to start and run a business, they seek your help regarding this. The following are the questions that they are seeking help with. (please write a business report for the following)

1. Business structure (10 Marks) Identify accurately and advice the best suited business structure for Oliver and Victor along with its benefits? (Discuss about why the other structure are not best suited) (10 Marks)

2. Registration requirements (10 Marks) 3 Outline the basic business registration requirements for the recommended business structure? (10 Marks)

3. Tax Obligations (15 Marks) Identify and advice the tax obligations (BAS reporting Obligations, Superannuation Obligations, Gst Obligations) for the recommended business structure with references to legislation (15 Marks)

4. Presentation with no errors is awarded (5 marks) (you can use Microsoft word to work on your assignment writing your report)