Presentation is loading. Please wait.

Presentation is loading. Please wait.

P2.

Published byPaul Andrews Modified over 5 years ago

Similar presentations

Presentation on theme: "P2."— Presentation transcript:

1 P2

2 Write your answer on the worksheet – question one.
Starter Activity You have three minutes to decide on a new business idea… Some ideas… New shoe shop Clothing shop Hair dressers Beauty salon Write your answer on the worksheet – question one.

3 Lesson Objectives By the end of this lesson you should be able to:
Describe the laws and regulations affecting businesses (P2) Analyse the impact of these laws and regulations (M2) Evaluate why it’s important each issue is considered (D2)

4 Legal Status? Sole trader Partnership Private limited company (Ltd)

5 Sole Trader You own the business on your own and have a few other people working for you Advantage is you have the freedom to do what you want to do Disadvantage is you may not have all of the skills/knowledge to run the business successfully Also, unlimited liability – if the business fails the owners can lose their personal belongings e.g. house, car etc. to pay for the debt.

6 Partnership You own the business with one other person and have other people working for you Advantage is you can share the problem solving Disadvantage is there may be arguments when making business decisions Also has unlimited liability – but this time the debts are spread evenly amongst the owners

7 Private Limited Company (Ltd)
You own the business either alone or with other individuals Advantage: limited liability, which means that if the business fails your personal possessions can not be taken to pay the debt Disadvantage is there is more paperwork and laws that need to be completed and considered.

8 Activity Decide which legal status would be most suitable for your business. Complete question two and three on your worksheet. You have three minutes to complete this!

9 Licences… Licences are needed to sell certain goods such as alcohol or to restrict parking. These are obtained from local authorities. Do you require any licences? Answer question four on your worksheet.

10 Acts Health and Safety at Work Act National Minimum Wage Act
Data Protection Act Sales of Goods Act Supply of Goods and Services Act Disability Discrimination Act Copyright Act Sunday Trading Act Pick at least three Acts that would apply to your business and answer question 5.

11 Marketing Reaching and retaining customers Customer care
Marketing information Market research Analysing and meeting customer needs (unique selling point) Competition Building customer relationships Cost and price of products or services

12 Business Preparation

13 Environmental Issues Environmental Protection Act – makes sure businesses limit the impact on the environment

14 Financial Issues How are you going to raise money? Own savings
Partnership: where two or more people own the business Bank overdrafts Bank loans Grants from the Government

15 Costs How are you going to control your expenses?
Cash flow forecast is a plan of the money going in and out of your business Keep financial records

16 Measuring financial success
Cash flow Costs and income Profit Assets Financial sate of the business

17 Risk Losing money Security of income
Other financial changes e.g. the bank taking the overdraft away

18

Download ppt "P2."

Similar presentations

1. 2a Business ownership Part 1. 1.2a Business ownership Part 1 UK business ownership This means:  They are owned by private individuals  These individuals.

1. 2a Business ownership Part a Business ownership Part 1 UK business ownership This means:  They are owned by private individuals  These individuals.
PM/06/03NQBM - BICS1 SOLE TRADER A business which is owned and controlled by one person. Most small local businesses are sole traders.

PM/06/03NQBM - BICS1 SOLE TRADER A business which is owned and controlled by one person. Most small local businesses are sole traders.
Introduction about sources of finance

Introduction about sources of finance
A Limited Company A Business owned by shareholders who each give the business money in exchange for Shares It is run by directors (who may also be shareholders)

A Limited Company A Business owned by shareholders who each give the business money in exchange for Shares It is run by directors (who may also be shareholders)
How To Set Up Your Own Business By Faith Wilkinson.

How To Set Up Your Own Business By Faith Wilkinson.
1 Standard Grade Business Management Unit 2.1: How do Businesses Start?

1 Standard Grade Business Management Unit 2.1: How do Businesses Start?
Ownership. UK business ownership This means: They are owned by private individuals These individuals risk their own money The owners’ reward is the profit.

Ownership. UK business ownership This means: They are owned by private individuals These individuals risk their own money The owners’ reward is the profit.
Being a Business Owner Section 4.2.

Being a Business Owner Section 4.2.
Level 1 Business Studies

Level 1 Business Studies
ACTIVITY! Working with the people around you, list as many of the shops at the local St Helena shopping strip as you can. You have three minutes!

ACTIVITY! Working with the people around you, list as many of the shops at the local St Helena shopping strip as you can. You have three minutes!
Name:. Why Start a business? Pursue a hobby Escaping a boring job Be your own boss To work from home To provide a services other can benefit from Entrepreneur.

Name:. Why Start a business? Pursue a hobby Escaping a boring job Be your own boss To work from home To provide a services other can benefit from Entrepreneur.
Sole Trader Partnership Private Limited Company (LTD) Public Limited Company (PLC) What we will be doing over the next few weeks… When a person wants to.

Sole Trader Partnership Private Limited Company (LTD) Public Limited Company (PLC) What we will be doing over the next few weeks… When a person wants to.
McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 1.0 Introduction to Financial Management Chapter 1.

McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 1.0 Introduction to Financial Management Chapter 1.
Chapter 8: Business Organizations Section 1. Slide 2 Copyright © Pearson Education, Inc.Chapter 8, Section 1 Objectives 1.Explain the characteristics.

Chapter 8: Business Organizations Section 1. Slide 2 Copyright © Pearson Education, Inc.Chapter 8, Section 1 Objectives 1.Explain the characteristics.
Sole Trader Forms of Business Ownership. What is a sole trader? A sole trader is a business owned by one person The owner makes all the decisions about.

Sole Trader Forms of Business Ownership. What is a sole trader? A sole trader is a business owned by one person The owner makes all the decisions about.
29 th September 2011 Learning Outcome: Identify how regulations and laws for small businesses can affect preparation for business Identify how regulations.

29 th September 2011 Learning Outcome: Identify how regulations and laws for small businesses can affect preparation for business Identify how regulations.
What is the link?.

What is the link?.
213 Liability AS Edexcel New Specification 2015 Business

213 Liability AS Edexcel New Specification 2015 Business
Business Structures How can businesses be legally organized?

Business Structures How can businesses be legally organized?
Define key term and example Application to business Analysis and evaluation key point. State 2 advantages of Nadir setting up a sole trader? (2) Setting.

Define key term and example Application to business Analysis and evaluation key point. State 2 advantages of Nadir setting up a sole trader? (2) Setting.

Similar presentations

Ads by Google