Your friend Nilesh, is planning to open a restaurant .He is confused and asks your advice. Nilesh plans to invlolve his sister, Roopali, as a manager/partner/shareholder. He does not know what to do and asks your advice. Nilesh does not know, whether he should trade as a sole trader, partner or establish a Pty Ltd company.

Compare and contrast the following business structures: sole trader, partnership and companies. Explain why the company may be the preferred option.