Ken, the accountant, has used his share profits from the partnership with Tranto buy himself an expensive waterfront home near the Sydney Opera House, a Mercedes car and a investment property in Hurstville, Sydney. His income and income tax is raising. Advise Ken:
1 Whether he should consider a change in his business structure? If so, why? If not why not?
2 What type of business structure will be most appropriate to manage any financial risk?
3 What formalities are required to set up the new business structure?​