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A student, Stan, decides to set up a business. He plans on selling candy that he makes in a market stall. He has $400 to invest in the business. Stan has a cousin Jielin who also wants to sell candy, but lielin does not know how to make candy but has $1000 to contribute to the business. Jielin also has a table, worth $200 which she contributes to the business, which will be used to display the candy at the market. Stan's parents also lend the business $3,000 to start the business, so they can buy cocoa to make the candy. Answer the following questions in the spaces provided below. 1. What business structure would be most appropriate for this venture? (1 mark) 2. Do you think the business should have a separate Bank account? Explain your answer. (2 marks) 3. Do you believe their business would be a service business, a manufacturing business or a merchandising business, or a combination of these? State the answer/s (2 marks) 4 4. In the first year of operation, the business makes $700 profit, how would they share the profit? (Provide the dollar amount/s.) (2 marks) 5. After a year of operation, the business has losses of $1,000 and debts of $3,000 (which was the initial loan). It is decided to liquidate the business. They sell the remaining candy and the table for $600, which is used to partially pay back the loan. Who would be responsible for the remainder of the loan? Indicate who this would be and how much they would be responsible for? (2 marks)