Referencing Styles : AGLC Joshua, Grace and Martin are great friends, having met 8 years ago at University where they studied a Master of Architecture. Since graduation they have always dreamt of going into business together designing corporate offices. Together they have $50,000 to invest in the business: Joshua has saved $25,000, Grace has saved $18,000 and Martin has saved $7,000 toward the business venture. Joshua has seen an advertisement in the local paper for an office space for rent, which he considers would be ideal for their new business and is keen to take out a business loan of $30,000 to enable the new premises to be furnished. Martin, however, is a little hesitant to enter into a lease or a business loan. Having only just returned from 3 years working overseas, Martin says he doesn’t want to be financing a business loan just now and would like to get his personal living arrangements sorted first before they do anything like that. Grace has already been approached by several businesses that are interested in employing them to redesign their office spaces. Grace sees the potential of their business and thinks it might be worth leasing a larger (and more expensive) premises to enable future growth. Joshua, Grace and Martin can see there is the potential for the business to expand and grow quite quickly. They come to you for advice as to which type of business structure would best suit their needs. • Discuss the various types of business structures available and advise Joshua, Martin and Grace as to what type of business structure you would recommend for their situation (based on the information provided above) • Outline your advice, including clear reasons supporting your recommendation(s) as well as the reasons for discounting the business structure(s) you do not think are suitable for them, making reference to and discussing any relevant law • Part 1 should be no longer than 3 pages