Law
Summary of Unit 3
What is business? Offering goods or services in exchange for other goods, services or money.
(Profit or non-profit)
What is an entrepreneur? Someone who will try to make an idea become business.
Setting up a business plan:
1. Write a business plan.
2. Ensure you have necessary qualifications.
3. Choose a business location.
4. Finance your business.
5. Decide on the legal structure of your business.
6. Register your business name.
7. Ensure (verzekeren) you have tax status/code.
8. Register for taxation.
9. Obtain licenses (licenties) or permits (vergunningen).
10. Understand your legal responsibilities.
-> Text book: Unit 3.2 - 3.5
Business Law - basic breakdown of business models.
Sole trader (eenmanszaak) -> own business
Partnership -> general partnership -> limited liabilities
Company -> private limited company -> public limited
Sole trader
Any person may set up a business as a sole trader.
The business has one owner with the following rights & responsibilities.
1) has independent control of the business
2) keeps all the profit
3) must provide all start up capital which may involve loan (lening)
4) must keep records showing business income & expenses
5) is self employed and responsible for submitting taxes: paying income tax
Risks:
- owner has total responsibility for all legal liabilities & financial risks
- if business gets into debt the sole trader could be declared bankrupt.
Partnership-rights & responsibilities
- two or more business owners
- share the responsibility of running the business
- Increased and diverse business expertise
- Greater potential for capital investment
- Partners :
Summary of Unit 3
What is business? Offering goods or services in exchange for other goods, services or money.
(Profit or non-profit)
What is an entrepreneur? Someone who will try to make an idea become business.
Setting up a business plan:
1. Write a business plan.
2. Ensure you have necessary qualifications.
3. Choose a business location.
4. Finance your business.
5. Decide on the legal structure of your business.
6. Register your business name.
7. Ensure (verzekeren) you have tax status/code.
8. Register for taxation.
9. Obtain licenses (licenties) or permits (vergunningen).
10. Understand your legal responsibilities.
-> Text book: Unit 3.2 - 3.5
Business Law - basic breakdown of business models.
Sole trader (eenmanszaak) -> own business
Partnership -> general partnership -> limited liabilities
Company -> private limited company -> public limited
Sole trader
Any person may set up a business as a sole trader.
The business has one owner with the following rights & responsibilities.
1) has independent control of the business
2) keeps all the profit
3) must provide all start up capital which may involve loan (lening)
4) must keep records showing business income & expenses
5) is self employed and responsible for submitting taxes: paying income tax
Risks:
- owner has total responsibility for all legal liabilities & financial risks
- if business gets into debt the sole trader could be declared bankrupt.
Partnership-rights & responsibilities
- two or more business owners
- share the responsibility of running the business
- Increased and diverse business expertise
- Greater potential for capital investment
- Partners :
