Legal issues when setting up a small business. The owner of a business has to follow a process to set the business up legally: 1)Get permission to trade.

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Presentation transcript:

Legal issues when setting up a small business

The owner of a business has to follow a process to set the business up legally: 1)Get permission to trade in an area from the local authority. They must also get any relevant licences needed e.g. to sell alcohol and tobacco, or provide entertainment.

2) You must register with HM Revenue & Customs (HMRC) as self-employed to pay VAT. 3) You must submit an annual self assessment form to HMRC and keep accurate and up-to- date records of all sales. 4) You will also pay income tax on all profits and pay national insurance contributions.

A Unique Name! You cannot copy another business name e.g. you cannot set up a fast food outlet and call it Mc Donalds! The name of a business is one of its most vital assets. It's how you answer the phone. It's how people remember you and your products or services. It's what they see in your advertising, your leaflets, your business cards and stationery. It's how your business gets recommended to others.

Some novel business names Business NameType of Business Floral n HardyFlorist Jack the StripperDoor & Furniture Stripping InkspirationsTattooing & Body Piercing Junk & DisorderlyHouse Clearance Nice Buns Big BapsSandwiches & Hot Food Get StuffedJacket potato shop Austin FlowersFlorist GoodfillasSandwich shop

If you register with this Government organisation they will protect your trading name against copying by another business, company or brand.

Questions 1.Why do you think the Government requires certain businesses to have a license to trade? 2. What is income tax? 3.How does the Government use revenue from income tax? 4.Which is the best of the “novel” business names? Why? 5.How did you decide on your business name for the homework you did? Why is it a good name?