Jack and Mary are university lecturers who have developed a new product they think will dramatically improve university classroom management. Their product is a classroom chair equipped with sensors which detect when students are not concentrating and send a mild electric current through the student sitting on the chair to get them to pay attention. Their friend Will thinks the idea is great and would like to get involved in the business venture. Will has recently been released from jail after being convicted of theft and sees this as an opportunity to start a new life. Their intention is to start small, but they hope to eventually grow the business into a large provider of university and school classroom seating. None of them has much money, although their neighbour, Ken, is prepared to invest most of the money they need to get the business started.
Give Jack, Mary and Will advice on the most appropriate business structure for their proposed business.