You and a group of your friends have decided to form a new start-up business developing applications for Faebooks Metaverse. At this initial stage, you will fund the business with your own savings, so will not need external financing.

(a) List two main types of legal business structures you could consider for this business in Australia. Consider each business structure option by analysing the key features (pros and cons) of each business structure.

(b) To conclude, you will need to decide on the legal structure of your business. Which one would you recommend and why?