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Unit 36 - Starting a Small Business P4
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Unit 36 - Starting a Small Business P4 P4 describe the legal and financial aspects that will affect the start-up of the business.
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Abdulalah Al-JoboreUnit 36 Startnn a mall bu ine
Ta k 3: P4
P4 describe the legal and fnancial aspects that will afect the start-up of the
business.
The legal aspects
Legal status
The lenal tatu of my bu ine i a ole trader owner hip, which will allow me to have the full
owner hip of my bu ine . Choo inn to beinn a ole trader have many advantane uch; beinn able
to have the full control of my bu ine which mean I can run my bu ine a I wi h to do, I will be
able to control all the bu ine a pect uch a what product or ervice to ofer ,locaton and tafnn.
I will be able to keep all the income/proft made from the bu ine to my elf and fnally, all the
informaton within the bu ine uch the bakery recipe will be kept private and ecure.
However, beinn a ole trader will have ome di advantane and one of them i my bu ine will be a
limited liability bu ine , which mean if any problem occur ,I would need to deal with it alone
which would be quiet tre ful and difcult for me.
Legal liabilites
Every bu ine will face diferent type of lenal liability, dependinn on the type of bu ine they run.
For my bu ine a ole trader , I will have unlimited liability for my bu ine ’ debt and I will be
per onally re pon ible on all the debt of my bu ine . For example if my bakery bu ine were to
fail , I will be per onally re pon ible on all the money I owe to the creditor and I may pay them of
throunhout all my per onal a et uch , my home, car , avinn and any other valuable po e ion .
Therefore, the tart-up of my bu ine will have ome ri k , a it i unlimited liability bu ine , which
mean I will need to work much more in order to make the bu ine ucce ful.
Trading terms and conditons
It i important for any tart-up bu ine to clearly et out the bu ine ‘tradinn term and
conditon , for my bakery bu ine , we are more focu inn on provide the cu tomer with ervice and
food . Thi mean my bu ine will need to et up the tradinn term and conditon , which include,
the informaton price of the product/ ervice and, payment term , credit facilite and o on. In
partcular, my bu ine will need to et out the price of the product / ervice of my bu ine on the
di play . Thi to make ure the cu tomer know the price of our product / ervice, otherwi e if we
did not do that , the cu tomer would not feel happy becau e they do not know the price ,and
therefore we could lo e our cu tomer . The tradinn term and conditon will help u to protect our
bu ine from any di pute with our cu tomer .
Trading standards
Tradinn tandard protect the cu tomer from the bu ine trader who operate beyond the law
and try to mi lead the cu tomer . A the owner of my bakery bu ine , I am fully aware about my
lenal oblinaton under the tradinn tandard , therefore, I am not noinn to ell or provider cu tomer
with faulty nood or anythinn that could di obey the tradinn tandard renulaton. The tradinn
tandard are a nroup of individual workinn for the local authority in order to protect the cu tomer
from mi conduct and they deal whit the diferent cu tomer ’ complaint about the faulty nood .
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