Legal and Accounting aspects of your Start-Up

This document discusses the legal responsibilities of an employer and the importance of employment law in a start-up. It also explores the significance of good accounting for a business and analyzes the assets, liabilities, gains, and expenses of a start-up. Additionally, it determines the ways to make money and invest in a start-up. The subject of this document is Legal and Accounting aspects of a Start-Up.

Legal and Accounting aspects
of your Start-Up

Table of Contents
SECTION 1: Legal responsibilities of an employer........................................................................2
Importance of employment law..............................................................................................2
Identification of employment rights have by teachers...........................................................3
Consideration of measures that help in treating of organisational teachers equally .............4
SECTION 2: Accounting.................................................................................................................4
Importance of good accounting for a business.......................................................................4
Analysis of organisational assets, liabilities , gains and expenses.........................................4
Determination of the ways through which money made by company and different ways &
areas of investing the investor's money..................................................................................5
REFERENCES................................................................................................................................7
.........................................................................................................................................................7

SECTION 1: Legal responsibilities of an employer
Importance of employment law
Employment law
It includes the collection of type of rules, laws and legislations that help in regulation of
relationship in between employers and employees (Schneid, 2019). The aspect covered under the
scope of this concept is hiring of employee by an employer and working of employee for an
organisation. The main purpose of this law is to protect the different rights of teachers while
performing functions within Kindergarten for the purpose of completing tasks provided by
employer (Employment law, 2019). The nature of topics prevail under this concept and
protection is provided to teachers under same includes health and safety, compensation, wages
and salary, stress at work, equality etc. All the aspects are different from each other and covers
the separate area of protection that provides safety to teachers at Kindergarten (de Flamingh and
Connolly, 2019).
Importance of employment law
All these employment laws are important to be followed and adhered by Kindergarten.
The different number of benefits can be attained by Kindergarten are presented below:
 Higher engagement of teachers
 Safeguard against fine and penalties
 Positive working culture
 Good image in education sector and in between the teachers
 Trust of parents over school functioning and procedures
Identification of employment rights have by teachers
Adherence of all the employment laws is must for each kind of organisation including
kindergarten. This will provides various number of rights to teachers while working within
Kindergarten. The selected start up organisation is also adhered all laws that simultaneously
provides all rights to teachers (Stuss, 2018). The different number of rights have by teachers are
defined below:
 Protection against any kind of risk exist at workplace i.e. safety of health
 Compensation in case of harm occurred to teacher while performing work at premises or
not

 Equal pay and wages
 Ascertainment of all benefits available to others without any discrimination
Consideration of measures that help in treating of organisational teachers equally
One of the best way that help to treat all teachers equally within Kindergarten will be
adherence of the provisions of Equality Act, 2010, framed by government of UK for the
protection of individuals right. Acceptance of the previsions of this law is must for every
organisation in process of carrying business operations at UK. No organisation can be allowed to
operate without fulfilment of the provisions of this law (Lockwood, Henderson and Thornicroft,
2012). The scope of this act is wide and covers many other aspects in relation to which teachers
are treated equally includes sex discrimination, race relation and disability discrimination
(Equality Act, 2010.). In accordance to provisions of this act, no one can be allowed to be
discriminate on the basis of their age, sex, religion, colour etc.
SECTION 2: Accounting
Start-up is the term basically used for the purpose of denoting business operations of
new small organisation. The person who start business is known as entrepreneur. It is the duty of
entrepreneur that must fulfil all the legal, regulatory and accounting aspects related to the
organisation. The importance of all in respect to organisation is very high. Fulfilment of legal
and regulatory aspects help to safeguard against fine, penalties and discontinuation of business.
Adherence of accounting concepts provides an opportunity to align internal departmental
functions of an organisation. The objective of this report is related to ascertaining the impact of
legal and accounting concepts over start-up business named Kindergarten.
Importance of good accounting for a business
Accounting is the provision that help in collection and analysis of different information to
get appropriate results. Good accounting is important for Kindergarten too (Duska, Duska and
Kury, 2018). This will help in ascertainment of different information related to various
departmental functions. The basic importance gathered will be in the form of coordination
among departmental activities along with attainment of all individual and organisational goals.
The accounting systems can be used includes inventory management, cost accounting, job
costing, price optimization etc.

Analysis of organisational assets, liabilities , gains and expenses
Description in respect to business assets, liabilities, gains and expenses are provided
below:
Assets
 Cash -£ 5000
 property, plant and equipment- £25000
 Trade and other receivables (Accrued fees of children’s)-£5000
Liabilities
 Loan-£15000
Gains
 Government funding- £5500
 Other grant revenue-£1200
 Parent contribution-£2300
 Interest revenue-£1500
Expenses
 Development of infrastructure (Table and chairs, new playing tools and creation of safe
gaming environment)- £3500
 updating of technologies (CCTV cameras to ensure safe and fair operations)-£2000
 Professional and consultancy fees-£ 2500
 Hiring of staff- £2000
Determination of the ways through which money made by company and different ways & areas
of investing the investor's money
The Kindergarten will make money with help of serving their services along with
occurring interest over investment. Here, major focus is provided over deliverance of qualitative
services on time in accordance to the demand of parents (Leone, Minutti-Meza and Wasley,
2019).
Further, the money of investors is invested in different activities of Kindergarten like
development of infrastructure, resource availabilities and implementation of new technological
advancements for improvement in educational background. The basic objective behind the
investment will be continuous improvement of Kindergarten capabilities regarding performance
of diversified educational activities (Cole and Sokolyk, 2018).

It has been concluded from the above report that legal and accounting aspect are very
important for each type of organisation irrespective to their nature and size. Start-up businesses
must focus over both these aspects to attain success and increasing operating ability in market.
Legal aspects help the organisation to carry on operations in authentic manner. This will
contributes in development of legal organisation where all employees and teachers have trust
over business or educational institution functions and works towards the accomplishment of
overall organisational objectives. The benefit of accounting aspect will be ascertained in the
manner of coordination in between the internal departmental functions. This further help the
organisation to operate in accordance to predetermined standards and accomplish desired goals.

REFERENCES
Books and Journals
Cole, R. A. and Sokolyk, T., 2018. Debt financing, survival, and growth of start-up
firms. Journal of Corporate Finance. 50. pp.609-625.
Duska, R. F., Duska, B. S. and Kury, K. W., 2018. Accounting ethics. John Wiley & Sons.
Leone, A. J., Minutti-Meza, M. and Wasley, C. E., 2019. Influential observations and inference
in accounting research. The Accounting Review. 94(6). pp.337-364.
Schneid, T. D., 2019. Legal Liabilities in Safety and Loss Prevention: A Practical Guide. CRC
Press.
Stuss, M. M., 2018. Corporate Social Responsibility as an Employer Branding Tool: The Study
Results of Selected Companies Listed on GPW. International Journal of Contemporary
Management. 17(1). pp.249-267.
Lockwood, G., Henderson, C. and Thornicroft, G., 2012. The Equality Act 2010 and mental
health. The British Journal of Psychiatry. 200(3). pp.182-183.
de Flamingh, J. and Connolly, J., 2019. Employment law: Workplace surveillance and
improperly obtained evidence. LSJ: Law Society of NSW Journal. (61). p.74.
Online
Equality Act. 2010. 2019. [Online]. Available Through:
<https://www.equalityhumanrights.com/en/equality-act-2010/what-equality-act>
Employment law. 2019. [Online]. Available Through:
<https://iclg.com/practice-areas/employment-and-labour-laws-and-regulations/united-
kingdom>