Case Study : Hospitality Consulting & Services ' Compliance Management

1354 WordsNov 28, 20146 Pages
B / ‘Hospitality Consulting & Services’ compliance management and accountabilities In this area each compliance requirement in terms of the relevant internal and external authorities, the risks involved, ways of ensuring compliance, the penalties for a breach of compliance, and the areas and operations of the organisation most affected must be analysed. The business structure chosen for ‘Hospitality Consulting & Services’, is the model of sole trader. A sole trader is the simplest form of business structure and it is also relatively easy to maintain. This business structure is only managed by the owner, which implies it totality liability and accountability in term of responsibilities when managing the business. The principal risk associated with this business structure, is the unlimited liability which means all personal assets are at risk if things go wrong (Sole trader, Small business development Corporation, Government of Western Australia 2014). For instance, In the event of a legal claim against the business, where insurance does not cover the full extent of any damages awarded, the owner 's personal assets can be attacked to pay the damages. Also, if the business incurs large debts to suppliers and then fails. Operating as a sole trader means suppliers can attack the owner 's personal assets to meet any shortfall the business owes. C / Compliance related management information systems A compliance management information system is related to the process that

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