The business plan suggest a partnership to potential investors – because of the stated advantages to both stakeholders - with a view to securing appropriate funding.
Liability Insurance Recommended
- To accommodate the potential for a customer to be hurt whilst on the micro-business’ premises or if someone’s property
was damaged whilst using the business’ services.
- Helps protect the business against claims by a 3rd party e.g., a customer or employee.
- An annual or monthly premium will be paid for insurance, this is a fixed cost to the business.
- Liability insurance is recommended for all businesses. It is a legal requirement for many but not all.
- Liability includes: Public | Product |Employee.
Additional legal aspects:
Financial aspects of micro-business
Main
pricing policy to be adopted will be Cost plus pricing
Example of Income statement £0,000
Adapted from - Hilton (2023, B)
- Legal and Financial aspects
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