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M3 Unit 3 Business Essay

2196 Words9 Pages

M3- Assess the implications of the legal and financial aspects that will affect the start-up of the business

In this task I’m going to discuss the impact that legal and financial aspects will have on the start-up business. Also I need to describe systems that should be put in place to address these aspects, such as recording systems for tax and VAT liabilities. Also I need to include a summary of how these systems will be used in the over overall business plan.

Being the manager for my business I know there are many legal area which I must follow especially when I start my own business in the future. Also being a manager I need to make decision on legal status of my business and if I’m a partnership, a cooperative business or even sole trader. …show more content…

Also being as a sole trader it is essential that I need to keep records of the accounts within the business that also lead to look at my organisational skills. There are many stages that need to take in order to become a sole trader. To be as a sole trader I need to first start with a choosing name that has not been taken by any business. This is because without a business name customers who will come into my business will not know my actual business name and won’t even know whether if the business exist or not. As I mentioned earlier I must ensure that I pick name that did not taken by any other business so that it won’t lead to any confusion on customers. Also I have to be consider name very carefully as I do not want to offend anyone which could end up me to go court. When it comes to VAT and Tax it also known as a sole trader, I will need to pay tax on any amount if that my business generates. If I don’t pay VAT and Tax I will be charged a default surcharge a percentage of the owed VAT. If several payments are made late then I will be charged an even higher penalty rate surcharge. If I conduct my business for several months afterwards and don’t pay VAT at all these penalties can add up, and failure to address the situation completely can result in criminal charges in rare

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