Structure of Business

Running Head: BUSINESS
Structure of Business
[Name of Student]
[Name of Instructor]

Table of Contents
Introduction.................................................................................................................................................3
1. Business Legal Structure and Finance Sources....................................................................................3
1.1. Businesses legal Structure...........................................................................................................3
1.1.1. Advantages and disadvantages of Sole traders..........................................................................5
1.1.2. Advantages and disadvantages of Ltd........................................................................................5
1.1.3. Advantage and disadvantages of Charity business....................................................................6
1.2. Advantages and disadvantages of Sources of finance......................................................................7
1.2.1. Equity.........................................................................................................................................7
1.2.2. Debt...........................................................................................................................................7
1.2.3. Debentures................................................................................................................................8
2. Sectors in the UK economy......................................................................................................................8
2.1. Primary Sector..................................................................................................................................8
2.2. Secondary Sector..............................................................................................................................9
2.3. Tertiary Sector..................................................................................................................................9
2.4. The contribution of sectors in UK economy....................................................................................10
3. HR policies in the UK and their importance to the modern workplace.................................................11
3.1. Health and safety policies...............................................................................................................11
3.2. Diversity and equality policies........................................................................................................12
Conclusion.................................................................................................................................................13

Introduction
The government of the UK has fixed one of the aggressive economic covid-19 pandemic
responses, pledging billions of money to support start-ups and businesses through the crisis. The
government of the UK has pledged approximately 8.5 percent equivalent of GDP for fighting the
pandemic. As an entrepreneur, this assignment assesses several legal statuses of businesses that
startup might adopt. Moreover, it evaluates the weaknesses and strengths of finance sources
available for the start-up business. The second part evaluates primary, secondary, and tertiary
sectors within the UK and their value to the economy of the UK. And lastly, this assignment
evaluates HR policies and their importance to the modern workplace.
1. Business Legal Structure and Finance Sources
1.1. Businesses legal Structure
Sole Trader LTD Charity Business
-This is the simplest way to
run and set up a business
because control and ownership
of the company rest with one
person.
-Becoming a sole trader is
risky inherently because the
person is not separated by the
business and also for the
business unlimited personal
-A private limited firm is a
firm that is arranged to
provide its owners with
limited liability.
-The firm exists in their rights,
which means that the company
finances are separated by their
owner’s finances (Aldous,
2018).
-The company owners each
-A charity company is a
particular voluntary
organisation type and should
conform to the rules fixed in
the law of charity specifically
the “Charities Act 2011”.
- For a company, charity is a
legal status, not an
organisational structure or
legal form.

individual liability, any type
of claim against it, its
contractual obligations and
debts (Aldous, 2018).
-They own all business assets
and could dispose of them off
as their wish, and might trade
under the name of a business
and might employ staff.
-For a sole trader, regulation is
minimal: there is no need for
any formal constitution for a
company, and no requirement
to file or register accounts and
then returns with “Companies
House” (Aldous, 2018).
possess part of the company,
which makes the owner's
company’s shareholders.
-Usually private limited firms
are family concerns.
-This company type is chosen
often when the sole traders
wish to retain or expand
control of a firm.
-Shareholders and directors
run the companies.
-Examples of private limited
firms are Clarks and Virgin.
---The main aim of private
limited companies is to
expand the firm and maximise
profit (Thompson & Zang,
2016).
-No one owned Charities
business (Thompson & Zang,
2016).
-The charity is controlled and
also its assets are held in a
trust by the trustee board.
-In law, trustees are
responsible for ensuring that
the charities are run well to
deliver their purposes for the
benefit of the public as stated
in their constitution
(Thompson & Zang, 2016).