3/20/2013 ERIC KAMAU | P4&M3 | UNIT 36 STARTING A SMALL BUSINESS |
P4&M3 | UNIT 36 STARTING A SMALL BUSINESS |
Contents INTRODUCTION 2 Proposed legal structure of the business 2 LEGAL ASPECTS 2 Local licenses and regulations 4 The implications for the business in legal aspect (M3) 4 FINANCIAL ASPECTS 5 The implications for the business in financial aspect (M3) 8
INTRODUCTION
For this task I have been asked to describe the legal and financial aspects that will affect start-up of the business
Proposed legal structure of the business
TYPES OF BUSINESSES sole trader- is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and
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Any organization that keeps and processes personal data has to be registered under the Data Protection Act 1998.
The Data Protection Act protects the privacy and integrity of data held on individuals by businesses and other organizations. The act ensures that individuals (customers and employees) have access to their data and can correct it, if necessary. It is enforced by the Information Commissioner’s Office (ICO), which has responsibility for overseeing the Freedom of Information Act and the regulation of interception of communications under the Regulation of Investigatory Powers Act 2000.
As an employer and a business owner of free from foods I have responsibilities to ensure your employees ' personal details are respected and properly protected e.g. IN number, date of birth, bank account details etc. Also I have to ensure that customer’s information is secure since it is an online business, I have to ensure that the site is secure e.g. including the use of a Secure Socket Layer (SSL) server. Any information customers enter while they are using the secure server is encrypted before being transmitted, so it is virtually impossible for an outside party to access or intercept your information.
Consumer law- For many products, society has laws and standards that the designer must meet. These help to protect the users, by specifying that products meet certain requirements and have suitable levels of
Data Protection Act 1998 – gives individuals the right to know what information is held about them, and those that processes personal information must comply with eight principles, which makes sure that personal information is fairly and lawfully processed; processed for limited purposes; adequate, relevant and not excessive; accurate and up to date; not kept for longer than is necessary; processed in line with your rights; secure; not transferred to other countries without adequate protection;
The data protection act- the data protection act is legislation put in place to keep personal data confidential. It can promote anti-discriminatory practice as it can stop people finding out information about individuals that the individual wants to stay private. E.g. phone numbers and addresses. These would need to stay private so people don’t find out where you live or what is wrong with you.
The Data Protection Act 1998 is a piece of legislation which defines the law on processing data of people living within the United Kingdom.
Everyone responsible for using data has to follow strict rules called data protection principles, they must make sure the information is:
Information Commissioner’s Office (2012) Introduction to The Data Protection Act 1998. [Online] Available from: http://www.ico.org.uk/~/media/documents/library/Corporate/Research_and_reports/ico_presentation_EVOC_20120528.ashx [Accessed: 11th October 2013]
Data Protection Act 1998 (DPA 1998): This is an act of UK Parliament defining the ways in which personnel records may be legally used and handled. This applies to all personnel records whether held in paper or computer format. The main intent of the DPA is to protect individuals against any misuse or abuse of information about them.
This legislation is the main piece that governs the protection of an individual’s person data in the UK.
place in 1988 with amendments in 2003. People have the right to store their information and
The Data Protection Act 1998 defines UK law on the processing of data on identifiable living people. The act contains eight principles, which all organisations processing personal information must conform to, these are:
In the world of sales there are a lot of legal requirements that have to be met in order to deliver a fair but efficient service. This can come under many things that will aid in a lot of customers being kept happy and being safe. One of the most famous of these is the Data Protection Act. The purpose of this act is to ensure that the information of customers is kept safe and isn’t openly accessible to just anyone. This isn’t just to protect the customers but is also to protect the business. The business is being represented by the sales person and they must ensure that all customer data is protected because if something malicious were to be done with the customers information, then this wouldn’t just reflect badly on that sales person, it would reflect badly on the business as a whole. In the terms of sales on the phone, you can’t actually see who you are speaking to so when accessing a customer’s file, some sort of Data Protection questions or password may be put in place. This could simply be asking them to confirm their full name, their home postcode or date of birth. More secure things can be put in place if requested. This data protection is also necessary so that the sales person can make sure that they are not miss-selling products to customers. This can be done through things like Terms and Conditions of a product or policy that the customer is purchasing.
Even companies that do not have servers in the EU will have to abide by the general data protection regulation.
The new General Data Protection Regulation (GDPR) is due to be passed through European Parliament. It will impact any organisation that gathers, processes and stores personal data. It is currently a draft regulation, due to come into effect by late 2015 and it’s aiming to unify and simplify data protection regulation for all the member countries of the European Union (EU).
From late 2001, the Australian Federal Government provided individuals with privacy of information protections under the law. These are covered by the Federal Privacy Act. In Australia, the Office of the Australian Information Commissioner (OAIC) is the regulatory body for this act. Anti-spam bill introduced to Australian Federal parliament in September 2003 and subsequently became the Spam Act 2003 makes it a civil offence to use address harvesting software to construct distribution lists of recipients or a list built in this way. The Advertising Standards Bureau administers Australia 's system of advertising self-regulation through the Advertising Standards Board and the Advertising Claims Board.
Businesses are started every day, and each one is different in its own special way, but no matter what type of business it is, a sole proprietorship, a general or limited partnership, a C or S corporation, or a limited liability it will still be affected in some way by seven basic characteristics. The characteristics of business; liability, income tax, longevity or continuity, control, profit retention, location, and convenience or burden. In this paper a description of each business type and how they are affected by the seven characteristics of business will be given, showing the clear advantage and disadvantages of each type of business.