Able, a qualified electrician, has been employed by an electrical contractor for a number of years and enjoys the work. He is now considering the possibility of starting out •on his own• as an electrical contractor. His uncle, a retired bookkeeper, has offered to provide Able with the necessary financing to start up his business. He has also offered to join him in the business, either at the beginning or later on, if the business grows to the point where Able might need help in its operation. Able is uncertain as to how he should proceed and arranges for an appointment with a lawyer for advice.

Using the information in this chapter, what advice might the lawyer give to Able?