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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,
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.
The training program should be designed which covers all of its employees and they need to identify which part of its organization is bad need of training and they need to start designing its training program from that part. This training program should need support from superiors, trainers and trainees.
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.
It is important for business management to develop and promote sound health and safety policies and to consider, not only the legal requirements and the possibility of prosecution, but also the possibility of an employee personal injury claim.
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.
Like many other big professionalism an athletic training is a big profession and there are a three big institutions that are responsible on producing a well-educated, trained and well behaved athletic trainers In the USA, NATA (National Athletic Trainers Association), BOC(Board of Certification) and CAATE( Commission of Accredited Athletic Training) are the three big organizations who have a saying and a big decision in athletic training filed. This paper will talk what they, what they do and briefly explain the difference that exist between the athletic trainer that works on the field and in the industrial setting.
Have you ever wondered or thought about what the profession of athletic training is or consists of? “An athletic trainer is a healthcare worker who diagnoses and treats people who have sustained injuries to muscles and bones. His or her patients are usually athletes but others may seek treatment as well. An athletic trainer works under the direction of a physician and also teaches people how to prevent injuries” (“Athletic Trainer”). Athletic Training has a promising outlook with a high job demand. Athletic Training is an important, busy, and helpful profession in today’s society.
There is an enormous prospect for the Pkolino Company to start a business. The current task has adequate resources and a great plan to keep it operational. Nevertheless, dangers that might plunge Pkolino Company into financial disaster are also present. This is due to the fact that there are always a couple of things that tend to advance in an unanticipated direction even in a well- planned plan. For instance, P’kolino Company’s financial statements do not have provisions for the worst, average, and best scenarios.
Thesis: Businesses deem financing necessary when they are just beginning, expanding, or recovering; Debt financing and equity financing have many advantages and disadvantages but also change the entire accounting method that is to be considered while running the business. Debt financing has both advantages and disadvantages. Debt financing is a business’ way to start up, expand, or recover by borrowing money from a person or company. The money borrowed has to be paid back along with the interest that was accrued during the length of time the loan was carried out. This option is great for company’s that do not want investors.
Business must ensure that they are up to date with the current laws and that they
Fitness trainers deal with many clients each day and each one had different strengths and weaknesses that have to be taken into consideration while planning the class and the routines. They watch for techniques and make workouts based on what people need to improve. By planning and choreographing their own workout and routines, the trainer is more enable to help anyone in need of assistance. Depending on the instructor, he or she may even choose or create their own music for the workout or routine. Some may prefer to use pre-choreographed routines created by other people. Before jumping into any kind of workout, the trainer will most likely demonstrate the exercises that the clients will be required to do. Alternative exercises may be provided for those who cannot keep up or have the skills to do what everyone else is doing. Throughout the classes, the trainer will also monitor the progress that each person makes and base later classes and routines off of how far each person has come. Other than workouts and routines, fitness trainers also help their clients to make better nutritional decisions as well. This may be as simple as planning diets or things to do outside of class. It’s a fitness trainer’s job to give their clients informations and tips on weight loss and lifestyle issues. “They must explain and enforce the safety rules and regulations of the work they will be doing, for the sake of the client’s well-being” (Sports). Because of fitness training being somewhat dangerous, the trainer must take safety precautions as well. Some of these include: first aid, cardiopulmonary resuscitation (CPR), and other thing like that in case something were to
1.LIABILITY: There are no limits on liability with a sole proprietorship, the owner is responsible for all the businesses debts and obligations. The earning power of a sole proprietor can be limited due to lack of capital. The sole proprietor is only able to obtain personal credit to expand the company, the bank will not treat the company as its own entity
An additional advantage is that a sole proprietorship can be easily organized. It’s easy to start your own business. First of all, it costs very little money to start your own business. As a sole proprietor, you have minimal legal requirements. The owner doesn’t have to establish a separate legal entity.
Ensuring the health and safety of employees is of primary importance to the Organization. Organization is committed to maintaining safe facilities, sponsoring appropriate training programs, and providing necessary safety equipment. In addition, Administration and staff shall cooperatively develop appropriate procedures and regulations for ensuring employees' health and safety, with special emphasis on the handling of potentially hazardous equipment or substances and for investigating and reporting any accidents and mishaps. All newly employed staff shall be required to comply with the physical examination. Every employee must provide annually, at a minimum, an updated health history of current health problems.
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.