David Newton Unit 36 P4
Legal and financial aspects that will affect the start-up of my business
Legal Aspects
Health and safety
Health and safety issues are a key aspect that every single business must be aware of. Health and
safety procedures that intend to prevent any accidents or injuries in working environment or public.
This regulation is essential for my business to ensure that my staff and customers within my business
are kept safe. By making sure that I have health and safety regulations within my business it makes
sure that my business can run smoothly and safely as I will have regulations in place. To have this in
place I will need to comply with the Management of Health and Safety at Work Regulations 1998.
This ensures that my business would take responsibility for the safety of anyone within my business
premises. Also I would have to have a health and safety policy which would state all the appropriate
systems and procedures in place relating to the health and safety within my business.
Legal Status
The legal status of a business will depend on what type of business it is and the scale it will be when
set-up. The types of legal status are: Sole trader, partnerships and limited company. The legal status
of my business is a sole trader. By being a sole trader it means I have unlimited liability and we
would have legal documents which show the rights and responsibilities that I have within the
business. The reason why I have chosen to be a sole trader is because I’m in charge of the business
and where the money all goes. It also means that I oversee the business responsibilities and risks
which unlike a partnership they aren’t shared.
Fire regulations
The Fire Safety Order 2005 requires my business to have a 5 step risk assessment to be undertaken
and steps implemented to prevent hazards. My business must have adequate escape routes and
equipment, and all of my staff would need good training in fire safety within the business premises.
Record keeping
Record keeping will mean organising and storing all the documents and files that are related to the
company and staff in any way. I will also be following the record keeping methods so that I will keep
all the relevant documents because these can be very useful in the future. For example, providing
references, staff backgrounds, business and staff history and business purchases, sales records etc.
Licensing
As my business will be selling certain products such as alcohol I must have all of the relevant licenses
in place to allow my business to sell these products. For example, if my business wants to play
certain music I would need an entertainment license which would be obtainable from the
Department for Business Innovation and Skills (BIS).
Liabilities
My business like any other would need insurance cover. Some insurance are compulsory and they
are:
Legal and financial aspects that will affect the start-up of my business
Legal Aspects
Health and safety
Health and safety issues are a key aspect that every single business must be aware of. Health and
safety procedures that intend to prevent any accidents or injuries in working environment or public.
This regulation is essential for my business to ensure that my staff and customers within my business
are kept safe. By making sure that I have health and safety regulations within my business it makes
sure that my business can run smoothly and safely as I will have regulations in place. To have this in
place I will need to comply with the Management of Health and Safety at Work Regulations 1998.
This ensures that my business would take responsibility for the safety of anyone within my business
premises. Also I would have to have a health and safety policy which would state all the appropriate
systems and procedures in place relating to the health and safety within my business.
Legal Status
The legal status of a business will depend on what type of business it is and the scale it will be when
set-up. The types of legal status are: Sole trader, partnerships and limited company. The legal status
of my business is a sole trader. By being a sole trader it means I have unlimited liability and we
would have legal documents which show the rights and responsibilities that I have within the
business. The reason why I have chosen to be a sole trader is because I’m in charge of the business
and where the money all goes. It also means that I oversee the business responsibilities and risks
which unlike a partnership they aren’t shared.
Fire regulations
The Fire Safety Order 2005 requires my business to have a 5 step risk assessment to be undertaken
and steps implemented to prevent hazards. My business must have adequate escape routes and
equipment, and all of my staff would need good training in fire safety within the business premises.
Record keeping
Record keeping will mean organising and storing all the documents and files that are related to the
company and staff in any way. I will also be following the record keeping methods so that I will keep
all the relevant documents because these can be very useful in the future. For example, providing
references, staff backgrounds, business and staff history and business purchases, sales records etc.
Licensing
As my business will be selling certain products such as alcohol I must have all of the relevant licenses
in place to allow my business to sell these products. For example, if my business wants to play
certain music I would need an entertainment license which would be obtainable from the
Department for Business Innovation and Skills (BIS).
Liabilities
My business like any other would need insurance cover. Some insurance are compulsory and they
are:
