BUSINESS MANAGEMENT
Unit 2: Establishing a Business
Area of Study 1
Legal requirements and financial considerations
Outcome 1
- explain the importance when establishing a business of complying with legal requirements and financial record keeping, and establishing effective policies and procedures.
Key knowledge
- an overview of legal requirements for establishing a business such as registering the business name, registering a website domain, trade practices legislation, business tax compliance and work safe insurance
- the importance of establishing bank accounts, financial control systems and record-keeping strategies
Key skills
- define, describe and apply relevant business management concepts and terms
- acquire, record, interpret and share business information and ideas
- research and analyse case studies and contemporary examples of business management applicable to establishing a business
- apply business management knowledge to practical and/or simulated business situations