1) Explain what business structure you would recommend for Felix, with reasons as to why you would make such a choice. (Marks - 20%) Felix's friend Oberlisk thinks Felix's business

plan sounds like a winner and wants to get involved. They decide on a business name – 'F & O's House Gazing'. They also come to an agreement where Oberlisk will contribute the necessary start-up capital. It is agreed that Felix will focus on the operative side of the business, (the photography), while Oberlisk will run the administrative side (receiving clients' orders, billing and accounting) and that both will receive a share of the net profit of the business. They plan to manage the business from some spare rooms in Felix's house.