Short answer questions
Assume you are about to start up the small business. There are a range of decisions you would required to make, for legal reasons, at certain steps of the set-up process. The following questions ask you about different decisions you will usually need to make if you were setting up the real business. While you are encouraged to think of your own idea for the business, and to be a bit creative here, this exercise does not need anything like complex business plan or any financials. Importantly, the business does not required to be, and in fact must not be, a complex business or a large enterprise for the purposes of this assignment (this will not get more marks). It must though be tasteful / not offensive in nature. This exercise is intended to focus your attention on specific decisions which have a legal aspect, and to describe your reasoning in making those decisions to us in a clear and business-like manner.
Some suggestions that may be of help (and which you are quite entitled to use as a starting point) include:
• a retail shop (perhaps selling goods which relate to the hobby, sport or pass-time that interests you);
• a restaurant or cafe;
• a small business of a type you have some personal experience working in; or
• an online business selling consumer goods through a website.
Questions
1) Briefly explain the small business you will like to start, (outline facts such as what type of business it is, what it sells, who works there, where it is, etc).
2) What type of business structure do you think will be the best one to adopt for particular type of business you have explained in question 1, above?
3) Explain why the business structure is the best one for this business.
4) Write down a name you will like to give your business.
5) Can you register the name as a trade mark? Describe why or why not.
6) What other registrations must you consider which involve name of your business? What problems may you run into at this point?
7) Briefly explain two other legal issues or areas which you will expect to have impact on type of business you are setting up (as described in question 1, above).