Discuss The Advantages And Disadvantages Of The Legal And Financial Aspects Of A Business

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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,

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