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Setting up a business.

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Introduction

Introduction In this coursework I have been set a task to set up my own business using the information I have received in my school lessons. I will borrow a �20,000 loan from the bank to start up my business. I have chosen to open a traditional restaurant serving mainly Indian dishes. It will be called Kashmiri Spices. The reason why I have decided to open a restaurant is because it is easy to run and does not require difficult work. I will run the business on my own, being a sole trader so I have total control and earn all the profit which is made. Being a sole trader, I am aware that I will have unlimited liability which can be a scare but I have researched thoroughly and am confident that the business will run well. Type of business Sole traders Sole trader describes any business that is owned and controlled by one person, although they may employ workers. This could be a restaurant, for example. Individuals, who provide a professional service like hairdressers, plumbers or photographers, are also sole traders. Sole traders do not have a separate legal existence. As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own pocket. ...read more.

Middle

For example, if a hairdresser were in partnership with someone with a business background one could concentrate on providing the salon service, and the other on handling the finances. More people are also contributing capital, which allows for more flexibility in running the business. There is less pressure of time on individual partners and there is always someone to consult over business decisions. Limited liability A limited liability company is a type of investment in which a partner or investor cannot lose more than the amount invested, therefore the investor or partner is not personally responsible for the debts and responsibility of the company in an incident that these are not fulfilled. The primary disadvantage of setting up a limited liability company is the work involved and the expense of running the business. There are also other minor disadvantages like after-formation record keeping requirements. The primary advantage of a limited liability company is limiting the liability of its members. Unless they personally guarantee them, the members are not liable for the debts and obligations of the limited liability company. In a partnership or sole proprietorship, creditors may seize personal assets of the participants to pay debts of the business. Unlimited liability This is where the owners of a business are personally liable for all the debts the business incurs. ...read more.

Conclusion

and well flavoured Yes / No The food quality is competitive Yes / No Waiters are patient and polite Yes / No The service is Bad / Average/ Good I was served promptly Yes / No The atmosphere was Bad/Average /Good My meal was a good value for money Yes / No The price was competitive Yes / No Overall, my meal in this restaurant was Bad /Average/Good Thank you for completing this questionnaire. Please drop it in the box as you leave. Social, moral and ethical considerations Opening a restaurant will not make a big difference to traffic congestion, as it is relatively small eating place and does not have the same amount of demand compared to a high street shop. If it plans out to be more successful than I intend it to be then it might make a difference. What I have done to help solve this issue is that I have also provided the restaurant with a car park so customers will not have to worry about parking and they will stay of the yellow lined roads. The restaurant will not cause noise or air pollution as it is not a factory. It will however have an effect on creating rubbish. What I will do to help is provide more rubbish bins in the area and hand out leaflets about recycling. ...read more.

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