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Assignment:
Anna and Sarah are running a business which operates a second-hand bookshop in form of a partnership. They have one part-time employee working for the business. The shop is located in leased premises in Sydney CBD. The business is doing well and has been profitable. An opportunity has arisen to acquire a second-hand book shop in North Sydney. Anna and Sarah are keen to expand their business. They will need a large injection of funds to acquire this new business. In addition, they will need to appoint a full-time manager and two part-time employees to manage such new business. Anna and Sarah are concerned about their potential personal liabilities for the debts incurred of the partnership especially if they decide to acquire the new second-hand book shop in North Sydney. As such, their accountant has recommended them to form a company instead of a partnership to run their existing and future business.
REQUIRED:
Discuss the advantages of forming a company to run a business with the reference the Corporation ACT 2001.
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