P4
When starting a business, legal aspects must be covered to ensure that the business we do is
legal so that there are illegal acts being made and so that the company does not bump into any
fines or charges. First and foremost, my business (Wrap Up Regent) is a limited company which
has limited funds with limited liability, this means if ever the business goes bankrupt the
shareholders only lose the amount they have invested in the business from buying its shares,
nothing else. This is the reason why we have a lot of investment being put into the company as
the type of company we are easily attract investors.
Furthermore, our trading terms and conditions are very simple with the consumers who buy our
products and the suppliers we purchase from, the consumers they are able to receive a great
quality products at a low price but if anything does happen it is not at the hands of our company
but the supplier’s. As well as this, we do provide returns to comply with the law if the product
was broken or damaged when purchased from us or if the product broke by itself without any
physical interference. Also, when purchasing products from us, consumers must be aware that
each product has its own price which will not be lowered unless it is bought with another item. In
addition to this, we do not deal with any deliveries as we are limited in resources and in funds,
which results in us not being able to afford or operate any deliveries. This means all purchases
should be made physically. Moreover, for suppliers, we will only pay for items that are not
broken or damaged in any form or way, any stock that is damaged or broken will have to be
replaced as it can cause a hazard in the workplace. In addition to this, we will not pay for the
delivery to return any damaged or broken stock delivered to us because the products we sell
should be safe for customers.
Moreover, Wrap Up Regent has a YE (young enterprise) licence to sell their products because it
is compulsory for every business that sells to have this. Also, it is not free to sell anywhere you
like, so we are required to have a temporary selling permit off the land owner or the shopkeeper
to sell in their store. This is done by paying for a stall to use for selling in a store or piece of
land, for example, when selling in Loughborough the company had to pay a permit of £10 to use
a stall to sell in the market. Additionally, a company will need a planning permission if they are
going to build something new, make a major change to your building, e.g. building an extension,
or change the use of your building. All of these reasons does not comply with my business as
we do not own or need a building, which means this legal aspect does not comply with Wrap Up
Regent. Besides this, the company does not employ any workers which means that we do not
use contracts for this, instead we use contracts to make sure that the board of directors can
confirm with the agreements of YE when running the business and to state their role within the
organisation.
On the other hand, there are four local and national laws that affect Wrap Up Regent, consumer
protection legislation, health and safety legislation, legislation to protect the environment,
contracts and other legal duties and responsibilities. Consumer protection legislation makes
sure to protect their rights, this includes: the Sales of Goods Act (1979), the Consumer
Protection from Unfair Trading Regulations (2008), the Consumer Credits Acts (1974 and 2006),
and the Consumer Protection (Distance Selling) Regulations (2000 and 2005). To compare to
our business, Wrap Up Regent complies with all of these to make sure that their customers are
When starting a business, legal aspects must be covered to ensure that the business we do is
legal so that there are illegal acts being made and so that the company does not bump into any
fines or charges. First and foremost, my business (Wrap Up Regent) is a limited company which
has limited funds with limited liability, this means if ever the business goes bankrupt the
shareholders only lose the amount they have invested in the business from buying its shares,
nothing else. This is the reason why we have a lot of investment being put into the company as
the type of company we are easily attract investors.
Furthermore, our trading terms and conditions are very simple with the consumers who buy our
products and the suppliers we purchase from, the consumers they are able to receive a great
quality products at a low price but if anything does happen it is not at the hands of our company
but the supplier’s. As well as this, we do provide returns to comply with the law if the product
was broken or damaged when purchased from us or if the product broke by itself without any
physical interference. Also, when purchasing products from us, consumers must be aware that
each product has its own price which will not be lowered unless it is bought with another item. In
addition to this, we do not deal with any deliveries as we are limited in resources and in funds,
which results in us not being able to afford or operate any deliveries. This means all purchases
should be made physically. Moreover, for suppliers, we will only pay for items that are not
broken or damaged in any form or way, any stock that is damaged or broken will have to be
replaced as it can cause a hazard in the workplace. In addition to this, we will not pay for the
delivery to return any damaged or broken stock delivered to us because the products we sell
should be safe for customers.
Moreover, Wrap Up Regent has a YE (young enterprise) licence to sell their products because it
is compulsory for every business that sells to have this. Also, it is not free to sell anywhere you
like, so we are required to have a temporary selling permit off the land owner or the shopkeeper
to sell in their store. This is done by paying for a stall to use for selling in a store or piece of
land, for example, when selling in Loughborough the company had to pay a permit of £10 to use
a stall to sell in the market. Additionally, a company will need a planning permission if they are
going to build something new, make a major change to your building, e.g. building an extension,
or change the use of your building. All of these reasons does not comply with my business as
we do not own or need a building, which means this legal aspect does not comply with Wrap Up
Regent. Besides this, the company does not employ any workers which means that we do not
use contracts for this, instead we use contracts to make sure that the board of directors can
confirm with the agreements of YE when running the business and to state their role within the
organisation.
On the other hand, there are four local and national laws that affect Wrap Up Regent, consumer
protection legislation, health and safety legislation, legislation to protect the environment,
contracts and other legal duties and responsibilities. Consumer protection legislation makes
sure to protect their rights, this includes: the Sales of Goods Act (1979), the Consumer
Protection from Unfair Trading Regulations (2008), the Consumer Credits Acts (1974 and 2006),
and the Consumer Protection (Distance Selling) Regulations (2000 and 2005). To compare to
our business, Wrap Up Regent complies with all of these to make sure that their customers are
