Nathan and Caroline are ecologists interested in the field of mushrooms. They have recently discovered a new species of mushroom called the ‘Amanita’ which is deep red in colour with white flecks. The mushroom has been classified as neither a plant, nor an animal, and it contains unique fungal properties that can be used in creams to halt the aging process. Nathan and Caroline intend to develop a business venture where they can farm the ‘Amanita’ and market its anti-aging substance to the cosmetic industry. They have considered various forms of organisations through which to conduct their business, including a partnership, a trust or a company. Taking into consideration the differences between partnerships, trust and companies (including different types of companies), advise Nathan and Caroline as to the form of business organisations that you would recommend they use to conduct the proposed business.
Refer to the relevant sections of the Corporations Act 2001 (Cth) and cases where possible. You are required to briefly discuss the law and apply the law to the facts. It is recommended that your answer does not exceed 18-22 lines and a time allocation of 20 minutes.