1. A prudent entrepreneur starting a new business should always learn the implications of taxation laws on their business and decide which form of business would be most suitable to be formed. What is...

1. A prudent entrepreneur starting a new business should always learn the implications of taxation laws on their business and decide which form of business would be most suitable to be formed. What is the relevance of tax planning to the formation of a business? Explain.

2. ‘A judicious decision needs to be made by an entrepreneur as to whether to avail the services of legal experts at every step of running a business.’ Critically examine the statement with the help of examples.