Business Planning

Question 1

What is a SWOT analysis and its benefits

Answer 1

Strengths, Weakness, Opportunities and threats -

Bensfits being Data Integration, Cost, and simplicity

Disadvanatages Ambiguity, and Subjective Analysis

Question 2

What are Sole Trader, Partnership, LLP and limited companies

Answer 2

Sole Trader - A Sole Trader is someone who is self-employed and runs their own business as an individual

Partnership - A Partnership is where two or more people form a business together and all business partners share responsibility for the business

LLP - A Limited Liability Partnership is a business run by two or more people. The partners are not personally liable for debts the business can’t pay – their liability is limited to the amount of money they invest in the business.

What is a Limited Company - A Limited Company is an organisation that is set up to run a business. Unlike a Sole Trader/Partnership all of your businesses finances are kept separate to your personal finances.

There are two types of Limited Companies:

Public Limited Company (PLC) – Shares can be bought and sold through a stock exchange.
Private Limited Company (Ltd) – Cannot buy and sell shares through a stock exchange.

Question 3

What do you need to set up

Answer 3

Compliance with the RICS
1 - Type of business and staffing details
2 - statutory activies such as financial services
3 - Nature of clients
4 - Complaint handling procedure details
5 - Professional indemnity insurance details
6 - Whether the firm hold client money

Details of company expenses
Business records
Send a self-assessment tax return annually