BTEC UNIT 1: ENTERPRISE IN THE BUSINESS WORLD - LA C

What is required to set up as a sole trader?

• Register with HMRC

• Obtain a business license

• Hire an accountant

• Form a board of directors

Where is a Private Limited Company registered?

• At the local bank.

• At Companies House.

• At the city council.

• At the tax office.

What is a benefit of partners sharing skills and ideas?

• It increases liability.

• It reduces creativity.

• It enhances business operations.

• It slows down decision-making.

What is a limitation of shares in a private company?

• Can be sold to the public

• Cannot be sold to the public

• Must be sold to the public

• Are always sold at a premium

What is a benefit of a successful public limited company?

• Decreased share value

• Increased company debt

• Increased overall company value

• No change in company value

What is a common issue for limited companies?

• No legal obligations

• Must comply with more laws

• Unlimited liability

• No need to report accounts

What type of support do high-street banks offer to entrepreneurs?

• Legal advice

• Marketing strategies

• Financial guidance and advice

• Product development

What is the purpose of start-up capital?

• To pay for initial requirements before receiving revenue

• To expand the business internationally

• To hire new employees

• To invest in marketing campaigns

What is one option for raising start-up capital mentioned in the document?

• Government grants

• Selling shares to friends and family

• Venture capital

• Angel investors

Where can you visit to find your nearest center for independent advice?

• National Enterprise Network

• Local Chamber of Commerce

• Trade Association

• Community Center