QUESTION 1 (HYPOTHETICAL) Hermione is an entrepreneur and is excited about a new business venture. She has developed a n

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QUESTION 1 (HYPOTHETICAL)
Hermione is an entrepreneur and is excited about a new business
venture. She has developed a new range of magical potions which she
believes will improve the taste of unpopular vegetables, thereby
making them more attractive to young witches and wizards in
Melbourne.
Hermione wants to access funding to buy necessary ingredients as
all her present wealth is tied up in her 10-year term deposit
account at Gringotts Bank. Hermione is very eager to get on with
this venture and doesn’t want to wait another 8 years to access her
term deposit.
Hermione expects that it will be some years before she can
expect any profits from the new venture, especially given how slow
some key ingredients such as Mandragora and Gillyweed take to grow
and import.
Hermione needs sufficient funds now to support the venture for
several years and to fund the expansion of the business if the
magical potions prove popular in Melbourne’s magical community.
Hermione’s old school friend, Cho, has inherited a large fortune
from her parents, who had a very successful broom manufacturing
business. Cho would like to support Hermione’s new venture.
Hermione is pleased to receive the support from Cho but wants to
make sure that she remains in control. She has some concerns that
Cho might want to take over the business at some point.
Advise Hermione about what sort of company she should set up.
Your response should consider whether or not she should replace any
of the replaceable rules set out in the Corporations Act 2001.