• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

P4 - Describe the legal and financial aspects that will affect the start up of a business

Extracts from this document...

Introduction

P4 - Describe the legal and financial aspects that will affect the start up of a business In this section I need to write a report of 2000 words about the legal and financial aspects that will affect the start up of a business. Legal status: Legal status means the concept of companies having a particular place in the market, from this as it determines the laws which affect them There are many types of businesses: sole trader, partnership, private limited company or franchise Sole trader: this involves one person who is the boss and the owner of the company and has unlimited liability and the examples are a builder, a window cleaner and painter etc. Partnership: This business contains tow or more people up to 20 the share between the partners doesn't have to be 50% it can be different share amounts partners also have a unlimited liability and some example are doctors, dentists and more. The partners must have a deed of partnership which is a contract between partners which legally binds them. The strength is that the partners well get the same percentage of profit as much as they have invested into the company. ...read more.

Middle

if a game is used and its only used for a week we still cant say that the item is new and must describe it as used. The other is customer protection act this will affect our business in a way that we have to make shore that the customers are buying the authentic goods so that they don't take us to court also we have to maintain the high standard of goods so that people don't consider us as ripping them off but we make a good reputation in society so that more and more people come to our shop this act is benefited to the customers as this gives them the right to investigate if the items and products bought are good or not. The last act that affects our business is the sales and supply of goods act this will affect us in a way that if the customers have and now that the items are in great condition and the items are genuine then the customers will come more often to our shop this act will allow our business to purchase great and excellent products to benefit the customers needs and improve our sales and customer relations. ...read more.

Conclusion

Coast of premises, equipment and supplies:- we would have to pay my bills and rent of the shop from the profit that we make and still have some money left over for ourselves and if possible than have some money to reinvest in my business. However these are not the only coasts that I have to consider I would also need to consider my employees because after all we would have to pay them their wages as well. Running costs:- We would need to have really good sales in order to make more money than our competitors so that money can be reinvested in the business in order to improve our business. Pricing policy:- It is important that we price our products fairly but it is also important that we are careful when pricing our products. And make sure that our prices are lower than our competitors but are high enough to make a profit out of. We would also have to make sure that if we decide to reduce our prices than the old price must be there for at least last 28 days. Source of finance:- We would take a loan from the bank and than repay it but at the same time we will also be investing in some money from our own personal accounts. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays

  1. BTEC BUSINESS UNIT 2

    An email will be sent to you to let you know that they have it in stock. * Customers can keep in contact with Coca Cola Enterprises by email. If a customer is confused about something or has any sort of query then they can simply email Coca Cola Enterprises

  2. Business Studies Company Profile

    Z4 PORSCHE BOXSTER, MERCEDES SLK, HONDA S2000, NISSAN 350Z AND AUDI TT M RANGE M3 COUPE - MERCEDES C%% AND AUDI RS5. M5 - MERCEDES E55 AMG, AUDI RS6, JAGUAR S-TYPE AND PORSCHE CAYENNE TURBO, M6 FERRARI F340 AND ASTON MARTIN DB9 MINI RENAULT CLIO, PEUGOT 206, TOYOTA YARIS, VAUXHALL CORSA, VW POLO, NISSAN MICRA.

  1. Opening a sandwich shop in huddersfield

    38% of people were prepared to pay �2+ for a sandwich and 60% prepared to pay �1-�2. I have made some conclusions to the first sections of my report. I have clearly identified my primary and secondary objectives. These are the objectives of my coursework are what I have set

  2. Unit 2 Investigating business

    so that the cooks are prepared, the cooks will also need to know if they need any extra/different foods with them than the et menu so they can assure that in plenty of time they are prepared. AO3 - Legal form Different forms of business Sole Trader A sole trader

  1. unit 2 recruitment in the work place

    this will need more employees to cover the expanded section. As of great performance at Thorpe Park someone could get 'Promoted' to a higher status, more pay as well as more responsibilities. Job Roles: There are many series of job roles for any business, but for a large organisation such

  2. McDonalds in the UK and McDonalds in India will be used to describe the ...

    This could've been due to many reasons for example the output within the manufacturing sector slowing down or the output with the service sector slowing down. On the other hand, India's economy grew but at its slowest pace in two years.

  1. This is a report on the international dimension of Costa Coffee and Coffee Aroma.

    These include: 1. Many new products earn higher profits than older products. This is often the case for products considered innovative or unique which, for a period of time, may enjoy success and initially face little or no competition. 2. New products can help reposition the company in customer?s minds.

  2. Research into Business Plans

    setting goals and objectives for the business, in both the short and long term; As well as knowing the stages which need to have been gone through, a business plan also helps set the goals and objectives which would need to be set to make sure the business have a successful launch and sustainable run after it has been initiated.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work