Business Report Coursework Example | Topics and Well Written Essays - 1500 words - 1

Business Report - Coursework Example We will also ensure that we maximise our profit. There are financial risks that occur in this type of business. Furthermore, some problems with the customers may occur. All these problems should be solved in order to achieve our goals. 2. Introduction Through our research, we found out that Witney; in Oxfordshire do not have an independent shop that sells toys. Our main targets are the kids. We realised that the demand of electronic and traditional toys at this town is very high. Jay and I have decided to run this new business venture. We agreed to start a partnered business. This business will have two stakeholders i.e. Jay and me. Our vision in this business venture is to ensure that our customers are served with the best products in the market as well as ensuring that we achieve our business goals which maximising profit with minimal costs. It is our responsibility to ensure that this vision is achieved without incurring unnecessary costs. We will also ensure that risks are reduce d to the best of our ability. Our starting cost will include ?25,000 that we borrowed from the bank and ?25, 000 from my savings account. Jay will not contribute anything from his account. This report will deal with the type of business we chose and the research we have done on this business. It discusses the reasons why we chose this business. It will also touch on our target customers and the possible problems that we will face in this business. 3. Main body The type of business we decided to operate in is the general partnership business. This is a business entity that involves two or more partners who agreed to do a business. We chose this business entity because it is easy for two of us to run. We will be sharing profit and losses equally. In addition, both of us are liable to any debts that may occur. This business entity was also the best for us because it does not require a notarial deed. We will make our agreement private i.e. the agreement will only be between me and Jay. 3.1 Procedures for General Partnership establishment Weiss et al. says there is no formality in forming our general partnership. This is because our agreement is private. We decided to write an agreement in order to avoid future misunderstandings. However, there are rules that govern the business partnership. For our partnership to exist, we must first register it by following the rules from Company Act 2006 (Van, 2007:21). For us to form this company, we must first give our names to the memorandum of association and ensure that we comply with the requirements that are needed for one to register our company. The registrar must receive the memorandum of association form our company. For us to be registered, we must submit our company name, postal address location and business entity of the company. We should also state that our company is a private one. After all these, the application will to be delivering to the England’s registrar of companies (Degenhardt, 2010:54). After o ur company has been approved, Partnership act 1890 should also be adhered to. For our partnership to exist, there rules that must be followed. The partnership should ensure that we share profits equally as stated by our agreement. Both of us will be liable to all company’s debt. Our partnership will now have a firm name. We will manage our business fairly. Profits and control of assets will be done equally (Degenhardt, 2010:59). 3.2 Financial risks There are possible financial risks that are likely