Business Structure: Legal Statuses, Sources of Finance, and Sectors in the UK Economy

The structure of
business
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Construct a table show the various legal statuses of business that business will adopt. Identify
strength and weakness of these legal statuses........................................................................3
Considering the business idea, identify and evaluate the strength and weakness of three
sources of finance available to business start-up....................................................................6
Identify the three sectors of the UK economy in which the business can operate. What are the
differences between the three sectors.....................................................................................8
Identify at least two HR policies and comment on their importance to modern workplace 10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13
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INTRODUCTION
Business structure can be defined as the formation of business in legal manner so that
jurisdiction can be provided to the organisation. The organisation structure is made up of various
key determinants and in this manner various activities within business can be performed such as
gaining of capital, performing business obligations and many more. The owners are required to
decide goals and objectives of the business before deciding business structure as this will lead
owners to form their venture in easy manner (Chauhan, Dey and Jha, 2016). There are four major
types of business structure available such as sole proprietorships, partnership, LLP and at last
LLC. This report is providing different concepts related with business structure so that to provide
various opportunities to the business. The report is made in the background of an entrepreneur
who is planning to initiate their own venture within retail industry named At Your Need. For
gaining precise decision they are willing to gain knowledge regarding various business structures
in order to decide regarding ownership of their venture. So this report is going to assist
entrepreneur for taking understanding regarding various legal structure along with their strengths
and weaknesses.
MAIN BODY
Construct a table show the various legal statuses of business that business will adopt. Identify
strength and weakness of these legal statuses
The working within an organisation is dependent upon its legal structure and in this manner only
business scale and its tax regime is decided. With the help of business structure tax calculation is
executed and can be paid similarly. For example some businesses are formed in order to serve
the society so the major objective of these ventures is to provide social benefits so that overall
development can be seen within society (AJAGBE and et. al., 2016). The following table is
providing legal structure of various types of businesses so this could provide knowledge in
relation to difference between various ventures. On the other hand under this table strengths and
weaknesses regarding each structure is also elaborated.
Legal statuses forms About statuses Strength Weakness
Sole proprietorship The meaning of word
sole is single that
means under this type
When sole
proprietorship is
defined as the
Besides various
strengths this business
structure is also
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