• Should John rely on the advice provided by Jill? If yes, why yes, if not, why not? If John chooses to approach someone else to obtain advice, who could be contacted? (Discuss within 220 to 250 words.)

• John has decided not to take Jill's advice and has employed you, the student to create and implement appropriate procedures to ensure the business complies with regulatory, taxation and insurance requirements and incorporates risk minimization.

Now within 350 to 500 words, prepare a report on how to:

• Identify the regulatory, taxation and insurance requirements for the business.
• Develop procedures to ensure compliance and risk minimization.

Implement the compliance procedures.