Partners can leave or join.
A company which can share shares to colleagues.
Profit goes to share holders.
It is owned by shareholders.
Must register with a company house and have a memorandum of association and articles of association.
Finance can be raised by selling shares.
It is a limited liability.
Must publish annual accounts and pay corporal tax.
A company which can sell shares on the stock market.
It needs £50,000.00 to do so.
All profit goes to shareholders.
It is owned by shareholders all profit also goes to shareholders.
Must register with a company house and have memorandum of association, articles of association and certificate of trading.
Finance raised by selling shares
Must publish annual accounts and pay corporation tax.
Location
The place I have chosen to place my business is at the bottom of Southend high street opposite the Royals shopping complex.
The shop that is already occupying this place is called “Cash Converter”.
The reason I have chosen this location is because it is within walking distance of the Seafront, it is also fairly near to a number of yacht clubs including Thorpe Bay Yacht Club (TBYC).
The business that I intend to base my coursework upon is “Marine Force”
I have chosen this because it stocks a large range of marine equipment and is the only one in Southend.
The company “Marine Force” is an Ltd (Limited Company) I think this a good choice because the company is too large to be a sole trader or a partnership and it is also too small to be a Plc (Public Limited Company).
List Of Equipment Needed
- 2 Cash Registers £500.00 Each
- 5 Business Computers £700.00 Each
- 50 Shelf Stands £25.00 Each
- 250 Shelves £4.00 Each
- 1 Safe £1000.00
- 3 Office Desks £100.00 Each
- 3 Office Chairs £50.00 Each
- 5 Full-time Staff £850.00 Per Month
- 2 Part-time staff (Saturday Staff) £40.00 Per Day
- 2500 Shelf Hooks £50p Each
List Of Other Overheads
- Rent £
- Rates £
- Electricity £
- Gas £
Reasons for Choosing a Marine Based Business
The reason I have chosen a marine based business is because there is only one yachting chandlery shop in the centre of Southend and also the seafront.
I also know a little of how the business is run because I done my work experience there, for the two weeks I was there I had to answer the telephones and also help customers in the shop.
The Marine Business is also quite successful and brings in a large yearly profit.
Source of Finance
I have been in to Barclays Bank and collected all of the relevant information about loans and starting a business.
I can get loans from £1000.00 to £50000.00.
I will need a loan of at least £50000.00 to start my business and this will cover stock, rent and overheads for a year.
By this time I will have made enough profit to buy more stock and will have enough money to pay the next years wages and have a good profit but I will not have yet broke even.
Capital
When you think about setting up a small business you will need to borrow some capital unless you have an adequate amount of capital to set up your business.
There is always a risk in setting up a business that’s why nearly all large businesses have limited liability so their home and belongings are secure and cannot be taken away this is because if the company got into a big debt the owners and the shareholders will be left homeless and with no car or belongings and no money so limited liability is mainly for security.
I will not need any planning permission for the business I am having because there is already a building there and I am not planning on having any extensions or alterations to the premises.
