p4
Under this task, I will be described the legal and financial aspects that will affect the start-up of the business. I will explaining about the legal status of the business type by explaining the advantages and disadvantages of doing this type of business and I will be explaining the financial cost of the business will be made a long.
Legal and Financial aspects has a direct effect in the commencement of any business. This effect could be directly or indirectly. Both aspects have a direct relation to the other. The financial situation will have an impact on the laws and regulations.
Legal Aspect
Legal aspect is a laws and regulations which you have to follow when creating a new business. Legal aspects include laws, regulations and government
A sole trader is the person who run own business as self-employed, who keep all business profits after they have paid tax on them. This doesn’t mean you have to work alone, you can employ staff but you will be responsible for any business losses or makes. One advantages having this type of business it’s easy to set up and maintain the business. Another advantages you own all business profits and assets. Also you over control the management and direction of your business. Disadvantages of this business as self-employed often find it difficult to raise finance to find of the business. Another disadvantages may be limited amount of time stay away from the business less holidays. Nearly the same, if sole trader become sick or have an accident the business may stop operating. Also you will need to put money aside to pay tax; otherwise, you might have cash flow problems at tax time (Government,
Health and safety
Health and safety laws will have an impact in the business. This will prevent my business from doing certain things, in a business place all employers they have to make sure that there is right, responsibilities or employment protection and what should employee doing. Moreover I have to ensure that all my employees and customers work in safe environment otherwise will be responsible in any rick that might happened in to my business.
Health and safety which involves in the gym staff training members: - should have training regarding proper use and as well recommends all fitness professional that supervise physical activity of employee or customers should have the appropriate educated or certificate as well experience, if I will not training my employees properly might affect the startup of the business . Equipment maintenance: - the fitness equipment used in the gym such as weight machines and treadmills, needs safety regular maintenance. For example, if treadmills are too close located to a wall if they person who might fall off the belt he could hit the wall, incurring get injury that will have an impact in the business. Gym policy require that staff should receive training in any new equipment in the gym (livestrong.com,
The legality involved in operating a business is very momentous to both the owner and operators the company. Ones may not have knowledge of all the details; however, he or she should be acquainted with UCC regulations. When owners and operators understand UCC regulations, he or she can operate the business with more efficiency legally.
Employee training can reduce or eliminate unsafe behaviors by teaching the employees how to perform their job safely. The training needs to be specific on what the employee is expected to do (Bernardin & Russell, 2013). For instance; if an employee was lifting heavy boxes all day, they need to be taught to bend at the knees and always use both hands to prevent back injuries.
The workplace (health, safety and welfare) regulations are a set of requirements that the government set to increase the safety of all the workshops. The main key regulations impose requirements with respect to:
The aim of the training is a major aspect in the planning phase and execution phase. To develop the right material or tools, you need a very clear understanding about the skills or information you want the employees to have after completing the training as well. By the way, the extent of the training also affects whether you handle the training internally or send employees to training sessions through another organization or college. Here the typical training types include safety, orientation for new employees, general issues and job-specific
Training start with, education and qualification, knowledge and skills needed interactions within and without of the organization.
A sole proprietorship is a type of business that is owned and operated by one person who is responsible for all the debts. Forming the business is really easy to start off with. Also the owner receives all the profit from the business and is his or her own boss. The down side to owning a sole proprietor business of your own is it is really hard to find sources for funding the business for it to grow and expand. An example of a local proprietor business is Martha’s Kitchen. Martha’s kitchen is a really small restaurant on the outskirts of town. Martha chose to open a diner at her location because it is joined with a gas station and it is in a remarkable location for a restaurant business. Martha’s kitchen is open from 5:30 a.m. to 11:00 p.m. She serves the best peach cobbler around.
Sole Trader – This is a form of organization which is controlled by an individual. Sole trader form of business environment can extend up to family members depending upon size, personal control and other business needs. Sole proprietorship is flexible, easy to organize and manage. The biggest challenge for sole proprietorship is unlimited liability and risk of losing assets.
Legitimate terms may seem confused to normal people, which is the reason perplexity generally happens throughout lawful methods. To have a deeper understanding of the fundamentals with respect to legitimate techniques, let us examine the contrast between two terms: Private law and open law. The point when is law viewed as open or private? Read on to figure out.
The fitness centre equipment need to go through regular maintenance as some of them are tear and wear, this might cause serious safety hazards and risks to our
When it comes to contracts, there are certain elements or requirements, which need to be met in order for the contract to be valid. Defined, a contract is “an agreement that can be enforced in a court; formed by two or more parties who agree to perform or refrain from performing some act now or in the future” (Hollowell & Miller, 2014, p. 110). With contract law, there is the enforcement of promises made between two parties, even if made in private. Additionally if a promise is made, there is the possibility of the obligation falling into a moral liability rather than a legal liability. All in all, when it comes to business agreements, contract laws will apply to avoid any possible problems that may arise.
The Occupational Safety and Health Act (OSH): Employers are required to provide a safe and healthy work environment free from serious hazards to their employees. Employers must comply with the regulations and standards promoted by the Occupational Safety and Health Administration (OSHA). (United States Department of Labor, n.d.)
Businesses exist to produce goods and services. If someone is thinking of starting up their own business or becoming part of an existing business, they would have to have the knowledge of what makes business work successfully and know how to how to apply that knowledge in the particular area of business. For this unit I will be entering and exploring the world of business. For this unit I will encounter and evaluate information provided by certain businesses and actually gather my own information from at least one business. The business I have chosen to study is J Sainsbury’s.
Business must ensure that they are up to date with the current laws and that they
Legal factors involve the laws that a firm has to abide by, i.e consumer laws, employee laws…Understanding the varying laws and regulations in a given region of operation is critical to avoiding unnecessary legal costs.
In the business world every business has its own set of laws and regulations to follow and adhere too. Some have very few laws and others have so many it is mind numbing but, each law is set up to protect every worker, customer or person associated with that business’s location. However, some of these laws are outdated or just plain unnecessary in today’s 21st century business environment.