Compare and contrast between a sole trader

Reference no: EM133256035

Question: Tony is Perth-based entrepreneur who has been developing artificial intelligence software which uses a machine-learning algorithm to randomly generate and compose pieces of music.

Whilst Tony believes that his technology will be very successful and have numerous applications (particularly in the marking and advertising space), he is aware that a lot more work is needed to develop the technology into a commercially viable product.

Tony's daughter, Morgan, is currently completing her PHD in Computer Science and has been instrumental in helping Tony develop the code. Tony wants to start the business because he wants to creeate a stream of passive income which he will use to for retirement and also put into a trust fund for his children, Morgan and James.

Before he can retire, he wants to ensure that any income generated by the business stays in the business for future development purposes, whilst also channeling some of the business money into the bank-accounts of his children to help them out.

Tony and Morgan have a healthy relationship and Morgan is keen to join the business in one to two years' time when she has completed her PHD. She has limited capacity to take on extra work at the moment but has agreed to help Tony where she can in the early days of the business.

To get things started, Tony will have to take out a loan from the bank.

Tony has come to you for advice. He would like to know which business structure would be best for his situation. He would like you to compare and contrast between a sole trader, partnership and trust structures as well as both private and public company structures and advise which would be best.

Reference no: EM133256035

Questions Cloud

Continuities and discontinuities in the two poems : Find a contemporary poem similar to "Binangkal, Penelope"(2002). Include a copy of the poem and its link in your response. Discuss the continuities and disconti

What does the term pop in pop art mean : What does the term "Pop" in Pop Art mean? Discuss an artwork from two different artists that would be considered "Pop". What makes them Pop?Discuss content, mat

Does that mean that an african american actor : BLAW 280 Louisiana State University, Shreveport Does that mean that an African American actor could play Abraham Lincoln in a movie reenactment of Lincoln's

Connnection between money growth and inflation : Discuss what you see in the graph. Does this indicate a clear connnection between money growth and inflation?

Compare and contrast between a sole trader : Compare and contrast between a sole trader, partnership and trust structures as well as both private and public company structures and advise which would

Would i want people to do this to me : Treat Others the Way You Want to Be Treated Provide an example of when you have experienced the Golden Rule in your personal or professional life.

Do you think most people are believed : Do you think most people are believed when they report sexual harassment? What's the best thing and the worst thing about the #MeToo movement

Evaluation of the abundance of microplastics : Instructions: Make an rationale about the given title. The rationale should have introduction, body, and conclusion

Describe one example of how an economic infrastructure : describe one example of how an economic infrastructure could positively or negatively impact Kroger's plans.

User Account

All Pages