Know how different aspects affect preparation for a business

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Presentation transcript:

Know how different aspects affect preparation for a business P2. How regulations and laws for small businesses can affect preparation for business

Today’s Objective

Regulations and laws for small businesses All businesses have to abide by the law of the land as well as specific regulations that apply to their type of business There are thousands of laws, which can be very complex We can work out which ones apply to a small business based on legal status

Legal Status Ownership Sole Trader Partnership Private Limited Company Franchise Public Limited Company Worker’s cooperative Public Ownership

Legal Status Advantages Disadvantages Sole Trader Freedom to do things the way you want to Minimal reporting to government bodies Unlimited liability Lonely existence Need to have a wide range of skills – marketing, finance etc. Partnership (As per sole trader) + Shared problem Solving More money to invest (As per sole trader)+ Risk of disagreeing on key issues One partner may not work as hard as the other but still take 50% profit Private Limited Company (Ltd) Liability for debts limited to the amount of money invested Opportunity to attract more money from additional private shareholders. Seen as a more solid enterprise by banks and customers. Additional regulations and paperwork. In some cases accounts may have to be independently audited. Accounts have to be sent to Companies House as well as HM Revenue and Customs Franchise Product/Service already designed/known Trading Support and advertising provided Could be halfway stage for someone who wants their own business Franchisor charges a fee and takes a share of the profit. There is a limit to how much freedom the franchisee has to make own decisions.

When legally starting a business... The business must inform one or more government bodies about their business at the time it is being started or shortly afetr HM Revenues and Customs (HMRC) must always be informed because tax is due from profits