Chapter 09 - Learning Objectives

After studying this chapter, you should be able to:

1. What should a person do first if they are thinking about starting a new business?
2. What are the consequences of setting up a new business as a sole trader, a partnership, a company, or a trust? What are the advantages and disadvantages of each of these business structures?
3. When will a business be required to register its business name, and how does it go about doing it? What licences will it need to apply for to conduct its new business?
4. Should the business lease its premises or own them outright? What is the difference between owning property and leasing property? What are the advantages and disadvantages of each?
5. What is a franchise, and what are the benefits of becoming a franchisee? What are the rights and obligations of a franchisee?
6. When is a business allowed to be open for trading? And what are the legal issues associated with setting up a website and acquiring a domain name?