Reference no: EM132919088

Problem 1: Friends Milly Cook and Joel Reed have always dreamed of starting a business together. The problem is that they do not possess any prior experience setting up or running a business. Ideally, they would want the management of their business to stay as simple as possible. They also want to maintain secrecy so that outsiders cannot easily find out what the nature of their business is. Since they are both enthusiastic people they are both positive that once running, their business will fly off the ground. They foresee that they might have to source more money to grow their business. They want your advice on the best type of business structure they can choose given their circumstances.