Btec Business Level 3 P4 Unit 2 Business

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P4 STARTING A SMALL BUISNESS Financial records I need to keep | * As I am starting my business as a sole trader I will have to keep record of my businesses income and expenses for my tax return. * Keep records of my personal income * As I wont be able to afford an accountant I will have to use traditional methods of accounting by recording income and expenses by the date I was billed. | Sources of finance available to me | * As I already am a vintage clothing enthusiast , I have a vast collection of clothes that I can sell and make quite allot of profit that will help me start of my business. * Family members can loan me money to star of my business * £5000 granted by the princes trust. | Costs that I will need to consider…show more content…
| LEGAL LIABILITIES OF MY CHOSEN TRADING STATUS | As I am a sole trader I have unlimited liability meaning that I am liable for my businesses debts and I may have to pay the losses made by my business out of my own pocket. | WHAT ARE THE TRADING TERMS AND CONDITIONSOF MY BUISNESS | The trading terms and conditions of my website will specify : * Definition of what products will be provided * Payment terms * Guarantees and warranties offered * Delivery terms * What happens if an item is not delverd | Legal obligations with regards to trading standards | As an online trading store I will see my self obligated to abide the Sales of goods act , Distance selling act , Electric commerce regulation , consumer protection act and data protection act. | What insurance will my business need | * Stock cover insurance which insures all my stock that will be stocked at my house * Public and product liability Protects me as a business just incase a consumer claims that my product has harmed them.…show more content…
| Other legislations I might need to adhere to | * Sales of good act 1979: Act states that when a purchase is made within the U.K the seller and buyer form a legally binding contractAct states for the contract to be binding the good sold must meet certain criteria’s * Consumer protection act 1987 : Act is designed to protect consumers giving them rights when buying goods. * Distance selling act Protects my consumer base as they are all buying my garments from a distance. * Electric commerce regulation Establishes legal rules that my business should comply with when dealing with consumers. * Data protection act This act controls how personal information is used by organisations. | Regulatory bodies and other sources of advice does my business need to be aware of ? How can they assist me | There is infinite sources of advice on the web , the most popular ones would be www.gov.uk and hse.gov.uk they assist my business by providing me with all the legal information I need. | |

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