Three Sectors in UK and Their Contribution to the Economy

foundation academic skill
building

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Legal structure framework ........................................................................................................3
Three sources of the finance to set up business..........................................................................7
TASK 2............................................................................................................................................8
Three different sectors in UK and their contribution to the economy......................................8
TASK 3..........................................................................................................................................10
Importance of polices on the modern workplace......................................................................10
CONCLSUION ............................................................................................................................12
REFERENCESS............................................................................................................................13

INTRODUCTION
Entrepreneurship s the process of setting up new business by taking the financial risk by
the individual. An entrepreneur come up with the new idea and innovation can help to satisfy the
needs and demand of the customers.
This report will cover the new online Retail Business plan “ Jay's Retail Fashion “ . This
report will discuss the five legal framework PLC, LTD, CIC, Registers Charity etc. including
their strength and their weakness. In another task it will analyze three different sector where
new online business can be operated and it will also identify two HR policies which are
Heath& shifty and equality and Diversity polices which can be adopted by the new business.
TASK 1
Legal structure framework
The most common forms of the business are their legal structure and it includes sole
proprietorship, partnership business, corporation and S corporation. Those structures are
followed by the companies as per their business type, their size, number of employees, partners
and individual etc. helps to decide the legal structure of the business (Cox and Nguyen., 2018).
It's totally depended on the business o choose their type Accept PLC companies because this is
owned by governmental bodies and more than 50 present shares are owned by the
government.
It is important for the Jay's Retail Fashion to chose on e of them to start their business.
They have to fulfill the legal structure. This legal forms have some strength and weakness which
will be discussed in a table.
Framework Description of
Framework with
examples
Strength Weakness
PLC A Public Limited
Company (PLC) is a
separate legal business
entity which offers its
shares to be traded on the
stock exchange for the
 Rising the
capital through
the public
issues of the
shares
 higher growth
 A high cost. A
plc is normally
a complex
thing to start a
business for the
normal person.

general public. According
to the regulations of the
corporate law, a PLC has
to compulsorily present its
financial stats and position
publicly to maintain
transparency.
and expansion
opportunities
 Plc companies
can use exit
strategies.
 Stakeholders
can buy and
sell their shares
 Company have
to share
financial l;
performance
and market
performance
publicly .
 This is
basically
owned by the
board pf
directors and
not always they
are present to
see the
company (Fahy
and et.al.,
2017).
LTD A limited company is the
type of corporation
liability of the
corporation's
shareholders. It is legal
company and the private
limed company has one or
owners, who buy it
through private sales,
directors are companies
employees who keep up
with the all administrative
task and Tax filings but
 The tax an
national
insurance
efficiency.
 Improved
reputation in
the sector and
credible.
 A limited
comp[any
offers limited
liability to the
business
 To setting up a
limited
company
owners have to
pay b fee
 Accounting in
the limited
company is
more complex
as compare to
the other legal
structure.