Reference no: EM133165460

Project 1

There are two options for this assignment.

You can either:

1. Use your own business idea.

2. Interview the owner/ operator of an existing small business.

If you choose the second option, you will need to discuss issues of confidentiality with the owner/operator.

Describe how the chosen small business works or is intended to work.

Your report should:

• include a brief description of the business
• describe the business structure chosen and give the reasons behind the choice
• outline the process involved in choosing and registering the business name
• list the consumer legislation and Regulations which apply
• describe the systems which are in place (or will be put into place) to ensure legal rights and responsibilities are complied with
• list the taxes which apply (or will apply) with a brief description of each
• describe the bookkeeping methods that are used (or will be used)
• list the particular insurance requirements of the business
• describe how the business is monitored (or will be monitored) to ensure it complies with all legal requirements
• list the different contracts that the business has entered into (or hopes to enter into) and the nature of each
• state whether the business leases or has bought its premises (or intends to lease or buy premises) and the reason behind the choice