You work as a trainee at the Training and Awareness department of the Business & Markets Authority (BMA). Your supervisor has approached you to produce a report for distribution to lay (non-expert) members of the BMA following several queries from local businesses on questions relating to contract formation and business structures. The aim of the report is to help local businesses understand contract formation and business structures in light of the questions below.

To guide you, your supervisor has asked you to base your report on the following questions:

You are asked to address the following:

• Discuss the rules regarding the formation of a contract and indicate whether you think these rules might be more in favour of business sellers or the buyers (ie. the general public) (in your answer, ignore reference to consumer law). (1000 words)
• Discuss the main business structures in the UK (eg. limited liability companies, partnerships, sole traders and limited liability partnerships) advising on the most appropriate business structures local businesses might want to consider. (1000 words)