Graduation Routes Other Ways ACCT 2 Han, a sole trader, has a successful restaurant business in Sydney

Han, a sole trader, has a successful restaurant business in Sydney. He used the profits to buy himself an expensive home in Ashfield, a BMW car and an investment property in Hurstville. Han wishes to expand his business. His income and his income tax is rising. Han comes to you advice. Han wants to know whether he should reconsider the type of business structure he has. Han has $200,000 dollars for the new business and will need a further $300,000 to open the new yum-cha restaurant in Chatswood. Han is currently single, but wishes to marry soon and would love to have children.

Advise Han, with reference to the facts above, what type of business structure would best suit his needs. Your answer must offer full reasons for the advice. Your answer must also give full details on the formalities required to implement the advice given. Your answer can be structured in the form of an essay