Business Studies Report (only used textbook)
Hayley’s and Sam’s Tasty treats
The report will outline the key features of a business and what influences ad affects a business. As well as what is the best possible legal structure for Hayley and Sam’s “Tasty Treats” business?
1. A Stakeholder is any group or individual who has an interest in or is affected by the activities of that business
-Customers: Hayley and Sam have a responsibility to the customers as a stakeholder, as they are the buyers who have an interest in it. As sellers Hayley and Sam must make their product up to the standards of the buyer. A customer effects a business’s profit, price to sell and how much as well as having the power to embarrass the business.
-Competitors: Competitors are stakeholders as they affect the price and area in Mosman. The part of Mosman is affected by the competitors as being near them may bring more customers to the location. Another effect competitors have with Hayley and Sam’s business is that it will bring the prices down to try and win the customers over by changing prices or strategies like going healthy, or green.
-Society: Society as a stakeholder gives a company a growing pressure to help the community with social events showing concern to the environment for example working bees. For a company to help the community at an event it can advertise and have a positive affect on their business and bring more customers.
-Manager: A manager as expected has a large impact on the business as the role of running a profitable or successful business is his/her responsibility. A manager’s leadership or approach style to work can have major influences on their employees whether it is a negative or positive this is the called business culture and is generally gives the business morale.
2. Sole trader (Unincorporated) - A business that is that is owned and operated by only one person. The only legal structure of sole trader business is that if your business for example, “Tasty Treats” must be owned by one person and cannot be shared. It most also have the owners full name in it for example; “Hayley East’s Tasty Treats” otherwise it has to be registered as a business. The advantage of this for Hayley and Sam is it is simple to be part of the legal structure without having to register their business, but can only be run by one person and has unlimited liability.
Partnership (Unincorporated) - Is a legal business with the structure that is owned and operated between 2 to 20 people with the aim of making a profit. The legal structure can be altered here if the owners have stock breakers or medical practitioners allowing up to 50 people. Up to 100 people if there are veterans, architects or chemists and to 400 if there are solicitors or accountants. Partnerships can be made verbally, written or in implications, but is definitely better for a Hayley and Sam’s business, “Tasty Treats” it is a positive as they can share the business with a simple legal...