P4 describe the legal and financial aspects that will affect the start-up of the business
P5 produce a proposal containing the essential information for the start up of a business.
P4: Describe the legal and financial aspects that will affect the start-up of the business
P5: produce a proposal containing the essential information for the start-up of a business.
Introduction
This assignment focuses on the legal and financial aspect that will affect my business and
how it will affect my business.
Aspects Definition Application to Business
Legal This is defined as the classification of This applies to the business because it tells
status your business. There are different us what type of business we will be running
business sectors such as sole trader, and how the business will be registered. This
partnership, limited company and business is a sole trader because it is run by
cooperative. one person (me).
Legal This is defined as who is responsible This applies to the business because it lets
liabilities for/liable for any legal aspects/problems the owner know who is responsible and in
that the business may face. Depending this case, since the business is sole trader, I
on the business sector that your will be responsible and face unlimited liability.
business falls into will determine if the This also means that if my business fails or
liability you face is unlimited or limited. money is owed, the courts seize my personal
assets.
Health and This is important in every business This will apply to my business because this
safety whether it relates to the environment of law will have to be followed or the business
the organization or the individual can face legal problems. When putting the
working within the environment. It can business together, I must consider working
play a major role of the individual and conditions and ensuring that they are
their performance at work. Therefore, a appropriate to work in and to do business in. I
law was created to ensure that this will also have to consider how it will affect the
aspect was a top priority when any efficiency and productivity of the day to day
business is being established. running’s in the business.
Fire A law was created to ensure that a This applies to the business because it was
regulations business has undertaken the necessary put in place to ensure that not only the
steps and precautions to prevent business but the individuals who will be
hazards. This law was called, ‘The working in the business is safe. This creates
Regulatory Reform (Fire Safety) Order a sense of stability and reassurance that as a
2005. This made sure that business had business we have a plan in set in case any
a five step risk assessment hazards were to take place so no one will
implemented. need to panic or get hurt.
Other laws This is the other laws that will affect the There are many other laws that should be
business. This may include; Trading taken into consideration when starting a
Description Act, Sunday Trading Act, business because they all play a role and will
Supply of Goods and Service Act and affect the business in some way. This will
Weights and Measures Act, etc. apply to my business because these laws will
outline the things that the business will have
to do in order to meet the requirements of the
law and avoid legal problems from arising
which can affect the business in the long
term.
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