Business Report Coursework Example | Topics and Well Written Essays - 1500 words

Business Report - Coursework Example 50,000. ?25,000 would be borrowed capital, which would be used in refurbishing the retail premises while the other ?25,000 from my savings would be used in the purchase of the required stock as well as the initial running costs. Type of Business The type of business to be established would be a partnership business. In a partnership business, the law requires that at least two partners form the business. According to the Partnership Act 1890, a partnership business should consist of at least two partners with common business with a view of making profits (legislation.gov.uk, 2013). A partnership is typically an agreement between at least two people willing to finance and operate a given business. The minimum number of the people forming the business is two. Unlike some other forms of business such as sole proprietorship, partnership businesses are entities, which are separate from their partners. In a general partnership, losses and profits flow all through to the tax returns of the partners. In this case, the general partners have equal authorities and responsibilities in running the business. All partners need to be involved in everyday activities of the partnership business (Entrepreneur Media, Inc., 2013). All general partners are involved in making decisions. The law also gives any partner to represent the partnership business even without the other partners’ knowledge. ... These procedures are regardless of whether the partnership would be general, limited, family, or incorporated. The following steps would have to be followed: i. First, we have to determine the number of partners. In our case, the business would be formed by two partners, my friend and I. We would agree between ourselves, as the business partners on, the most important or key issues. One of the key issues to be considered is the limits of liabilities. The limits of liability could be set according to our capital investment, contribution to the business, or the use of goodwill. We would also agree on the level of authority that each of us would hold concerning the partnership business and its operations. Such agreement on authority level would mainly reflect on the issue of making binding agreements and signing contracts on the partnership’s behalf (Global Syndicated News, 2012). ii. Secondly, we would draw up a legal Partnership Agreement that would highlight the key aspects of the partnership business including the roles, liabilities, and authority with regard to each partner. Under the same agreement, we would state about the distribution of assets and profits. In the Partnership Agreement, we would consider partnership elements such as the business name, terms of the agreement, capital employed, provisions of profits and losses, salaries and withdrawals, restrictions and management duties, banking, books to be used, voluntary termination, cases of death, as well as arbitration. Each of these elements would be stated clearly in our Partnership Agreement (The Wall Street Journal, 2013). iii. We would then proceed with an application for a Tax File Number (TFN) for our business (The Wall Street Journal, 2013). iv. We would also

The recruiting of new employees Essay Example | Topics and Well Written Essays - 2000 words

The recruiting of new employees - Essay Example The same applies to human resource planning. Human resource planning is an important aspect of any task in an organization including recruitment. Human resource planning is the act of considering all the aspect of the job in advance before starting the process of hiring. Human resource planning involves detailed analysis of the job. This will be in terms of the skills that will be required for the job, the experience that will be required, gender issue as far as the job is concerned and the age bracket. In light of the organization, human resource planning will looks into the objectives of the company in order to know the position of the company in regard to the job. (Iacovou, 2002) In planning, human resource management will look into the working structure of the company in order to know where the deficiency is. This is important as it avoids duplication of duties in the work. This means that the human resource management must know areas which require new employees. Other wise management cannot create a vacancy where there is no work to be done. A detailed analysis of the function to be perfume by the new employees is important since it makes work description easier for the management. There are other fine det... This also helps potential applicants to prepare themselves for interview on the job. Other information that the planning process must look into is the commencement of the job and the availability of the individual. It must also look into the financial position of the organization in light of the vacancy at hand and come up with a package for the job. However this is not a must and some companies will not indicate how much they are offering for the job. But the human resource management usually has a clear cut limit on the amount of salary that the company can offer for the job which sometimes is a subject of testing individuals in the interview. Hence human resource planning is essential in ensuring that the process of recruitment is smooth as it is guided by the plan. The plan must outline the first to the last step in the process. it ensures that this process can be taken over by any other person since it is already outlines. Human resource planning involves various stages. As has been mentioned the first stage in the recruitment process will be detailed analysis of the job in terms of the requirements of the job and any other aspect of the job. This analysis will then act as the guideline fro the process. After the initial planning, the subsequent stages will definitely under the plan and those who have been given the mandate to oversee its implementation. The planning process will also help the human resource department to decide whether it will take the recruitment process or if it will seek the services of a recruitment agency. It is also in this stage of planning where the management will decide whether it will recruit