Mary's Story - Case Study - Law Assignment Help

Assignment Task:

Task:

Mary has been offered a retirement package from her work as a flight attendant with Qantas. Her long-term goal has been to buy a day-spa resort on the central coast of New South Wales with her sister Martha, who is a marketing consultant. Mary and Martha do up a business plan. They find an old yet suitable building at Nelson Bay which is on the market for sale. With their husbands (John who is a builder and James who is a plumber) they decide to sell their homes in the Sydney CBD for a fortune and purchase the building to start their day-spa. They think the potential for the business venture is enormous, but expect that additional capital will be required over the next five years for their dreams to be realised.

Required: {Answer each question in no more than 300 words}

a) Do you think the two families have the necessary skills between them to run such a demanding venture? List the skills that you think are important. (5marks)
b) Go to http://business.gov.au . Click on and read details of ‘Starting a business guide’ and ‘Make Key Decisions’ and then select ‘Decide on a business structure’. Compare and contrast the income tax issues associated with the partnership and company forms of business structure.
(5marks)
c) The families have decided to set up a partnership. Do you think that this is the right decision, or do you think the company structure would be a better option? Why? (5marks)
d) Do you think their bank would be happy to provide finance for expansion, given that they are in partnership? Why?

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