3.8 Comply with Busines Legal Requirements

1. Understand how to assess risks when selecting a legal status for your business

1.1

Compare different legal status options and the potential risks to your business in each case

1.2

Select the legal status most appropriate for your business and explain how to take into account the views of potential stakeholders

1.3

Explain how the choice of legal status will best meet your business needs in the short, medium and long term

2. Understand how to comply with legal requirements of setting up and running your business

2.1

Explain legal requirements for running your business and identify potential liabilities and risks

2.2

Describe which aspects of laws and regulations, including taxation and insurance, might apply to or protect your business and how to ensure compliance with them

2.3

Assess the costs and benefits of making use of professional advisors and decide whether or not to use them and in what capacity

Unit aim(s)

Details of the relationship between the unit and relevant national occupational standards (if appropriate)

• LG1 : Choose a legal format that suits your business

Details of the relationship between the unit and other standards or curricula (if appropriate)

Not applicable

Assessment requirements specified by a sector or regulatory body (if appropriate)

Assessment to be based on naturally occurring evidence or realistic work environment

Endorsement of the unit by a sector or other appropriate body (if required)

Supported by SFEDI

Location of the unit within the subject/sector classification system

Name of the organisation submitting the unit

OCR

Availability for use

To be used only by the following partners engaged in the SFEDI Framework project when developing Business Enterprise Qualifications

CMI, Edexcel, IAB, ILM, NOCN, OCR, VTCT