Questions (inclusive) are structured essay questions. Please USE the full ILAC method when answering questions . Make sure cite relevant sections and sub-sections of legislation and/or case law to support answer.

QUESTION

Books R Us (BRU) is a firm of chartered accountants and auditors on the Gold Coast who promote their services as having provided "exclusive, specialized accounting advice and auditing services to high net wealth individuals, professionals and small business for fifty years. Principals with Principles, BRU today deserves its reputation as a market leader in accounting and audit services, future-proofing your life-balance through exceptional service, exceptional people, integrity, professionalism and outstanding competence."

Betty Ruble, BRU's founding principal, is concerned about her liability in providing accounting and audit advice to clients. She wants to ensure that she has adequate asset protection so that none of her key assets are at risk.

Betty Ruble comes to you for advice, wanting you to propose a structure for BRU and her own business affairs to achieve this asset protection, and addressing any potential issues of vicarious, joint or several liability that could arise. Advise Betty as to how she might structure her business and private arrangements, making explicit any assumptions you may need to make.