Table of contentsLegal statusRecord keepingContracts Duties and responsibilitiesPermitsFinancial aspectsFor P4, I will describe the legal and financial aspects that will affect the start of the business. In this document. Here are the legal and financial aspects that will affect the start of my business: Health and safety Health and safety is something that every business needs. Health and safety are regulations and rules put in place to prevent accidents or injuries in workplaces and public environments. We will need these regulations because it is essential that all staff in our business remain safe and there is very little chance of anyone being injured. By ensuring health and safety, it will have a positive effect on our business as our business will be able to operate smoothly and safely. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the Original Essay Legal Status The legal status of any business depends on the type of business and the size of the business being established. The different types of legal statuses include: sole trader, general partnership and limited company. The status of our company is a partnership. This is similar to a sole trader, however, ownership is shared between the partners. The partners, who are the people involved in the business, will have a document that shows the rights and responsibilities of all partners involved in the business? The reason we chose to form a partnership is that all partners will share the rewards, risks and responsibilities. This means that people in the company will be able to help each other and develop their careers and will also help manage risks. Record Keeping Record keeping is the process of organizing and storing all business and personnel related documents and files. I will also follow the record keeping method to retain all relevant documents as these may be useful in the future e.g. providing references, staff and student history, what the company bought, etc. Records allow an individual to keep track of deductible expenses as well as prepare tax returns and financial statements. Records are also important in monitoring a business. Contractual Duties and ResponsibilitiesContractual duties and responsibilities mean that a company must follow everything according to the contract and must also be responsible for carrying out the tasks it requires. As for my business, I will need to follow this as well. As the legal status of my business is that of a partnership, I will need to distribute responsibilities and duties among all my business partners, so that everyone has equal responsibilities. LicensesA license is an authorization issued by an authority to own something, use it or carry on a trade. . Usually, each company has a license, but each company has different types of licenses. For example, for a cooking related business I will need the following licenses. A business license is when I need to ensure that my business exists as a legal entity at the local, state and federal levels. Another license concerns food handling and safety. Some states require cooking businesses to complete mandatory food handling and sanitation training before obtaining certification..