Review Question [Business Structures] - Meiling, a sole trader, has a successful restaurant business in Hurstville, Sydney. She used the profits from her business to buy herself an expensive home in Hurstville, a Volvo car and an investment property in Chatsworth. Meiling wishes to expand her business. Her income and her income tax is rising. Meiling comes to you for advice. She wants to know whether she should reconsider the type of business structure she has. Meiling has $250,000 dollars for the new business and will need a further $300,000 to open the new yum-cha restaurant in Ashfield. Meiling IS currently single, but wishes to marry soon and would love to have children and grand-children. Advise Meiling, with reference to the facts above, what type of business structure would best suit her needs. Your answer must: give full reasons for the advice. give full details on the formalities required to implement the advice given