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'Best Blooms' understands the importance of having an attractive garden, and also understands that not everyone has the time and effort needed to build and maintain one.

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Introduction

Executive Summary 'Best Blooms' understands the importance of having an attractive garden, and also understands that not everyone has the time and effort needed to build and maintain one. 'Best Blooms' is a nursery and offers a garden maintenance service. This service provides great convenience, considering that the large majority of the residents in the area own a house and garden. It is quite a unique service to the area also with very reasonable prices, the services range from lawn mowing to bonsai, practically anything to do with the garden. 'Best Blooms' is owned by Teresa Green and is located in Sydney's Northwest. She has 25 employees, and the business has been running successfully for 5 years. Due to the fact that they are providing an efficient & quality service, they have been in high demand and have been so successful that they are now looking to expand. Legal Entities A business' legal structure affects the ownership, tax structure, risks and future of that business. Choosing the legal structure that best meets the business' needs may: * Protect owner from avoidable risks * Help minimise your taxation liability * Save time and minimise paperwork * Help to avoid government regulation and unnecessary "red tape". ...read more.

Middle

Rate is 7%, & 8% after 1/7/2000. May be necessary if Sole Trader is employing labour, subject to employee earnings. rate is 7%, & 8% after 1/7/2000. Types of annual tax returns required Form C & Form I Form P & Form I Form I GST Registration Requirements Compulsory if earnings exceed $50,000 Compulsory if earnings exceed $50,000 Compulsory if earnings exceed $50,000 Legal Entity Are separate legal entities, are regulated by the ASIC and must comply with the Corporations Act 1989. Can be formed by one or more persons. Are not treated as a separate legal entity for tax purposes. Can be formed by 2 or more persons. Are regarded as being one and the same legal entity as the business. Must be formed by one person. Liability for Debts Company Directors may be personally liable and responsible for all debts. Limited liability to some extent. Each partner is personally liable for all debts of the partnership. Unlimited Liability Individual is personally liable for any debts. Unlimited liability Figure 1 Recommendation: Of all the factors which influence the business owner when deciding upon the most appropriate legal structure the four most important are the: 1. ...read more.

Conclusion

Some businesses suffer worse then others (i.e. airlines), but in the overall everyone is affected Government Policy- although the premise is always for the good of society. These regulations affect business in horrendous ways. The recent GST policy affected every business in Australia. Competitors- Competition between businesses to be the 'market leader' or to win customer loyalty can benefit the consumer, but when the smoke clears one business will suffer immensely. (E.g Another business similar to "Best Blooms" opens) Environment- this change could very well ruin a business. If there was an environment change "Best Blooms" could loose a sufficient amount of business. Be it because their services are not needed, (because of environment changes such as floods, cold weather), or they can no longer provide their nursery service-due to lack of plant growth. Conclusion: This proceeding report has shown the best possible advice for Teresa Green's business 'Best Blooms' to assist with the expansion plans. It has shown the legal entities that could be used in the expansion. It has evaluated the various legal structure options. The report described how the POLC model could be used to overcome challenges of different stages of a business life cycle. It has analysed four sources of possible changes in the external environment that could affect "Best Blooms". The report has also recommended the most appropriate option for expansion ...read more.

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