Establishing a legitimate business enterprise in the UK

ESTABLISHING A RESTAURANT BUSINESS IN THE UNITED KINGDOM


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TABLE OF CONTENTS
TOPIC PAGE
INTRODUCTION......................................................3
SET UP.....................................................................3
LEGAL IMPLICATIONS..............................................4
BUSINESS PLAN........................................................7
TAXATION MATTERS...............................................9
CUSTOMER PROTECTION......................................10
CONCLUSION...........................................................12
REFERENCES............................................................13

INTRODUCTION
The catering industry is one of the fastest growing in the world. Most urban settings are full of fast food centres and restaurants because of the increasing number of people who are eating away from their homes. The UK enjoys good political stability, business friendly regulations and a very stable currency (Robert, n.d.). The establishment of the business in this country will require a lot of careful planning to comply with the various legal requirements. The business will be a fast food restaurant located in London, dealing with the provision of meals to the general public. London is a populous city with people of all ages residing there. There are more than 8 million people who reside in this city (Finner, n.d). It is therefore a good location because of the customers’ availability. The company we are starting will be a limited liability partnership. This means that the liability for its debts will be shared between the individual owners and the company. This will avoid the entire burden falling on me as a sole trader. It will also protect the owners from bankruptcy proceedings in case the venture doesn’t succeed, which can claim individual property for the case of a sole trader.
SET UP
The first step in setting up this business will be to clearly look into the legal requirements and their structure in the UK. According to Mathew (2001), there are two main types of law that is applicable here; there is the public law that deals with matters that concern citizens versus the state and there is private law that handles matters between individuals and private organizations. Most of the legislations are Acts of Parliament but there is also common law where decisions made by higher courts like the court of Appeal become binding to the lower courts. The first step will be to look for a partner with whom we shall operate the business.
There will be an agreement signed between the two of us and it will highlight the following: the particular share capital of each shareholder based on the amount of capital that each one of us will contribute. Secondly it will show the responsibilities of each shareholder in running the business. ...