September – December 2023 Small business legal requirements

Business & Finance

A. Determine the capital requirements for the proposed/identified New Venture eg: (rent/purchase facility (building, space etc), equipment, machinery, furniture, supplies, salary and wages, start-up/pre-operating costs, etc), say how and where these will be sourced and procurement procedures. (30 marks)B. Describe the legal liabilities that the proposed/identified New Ventures is exposed to:i. Legal requirements for New Ventures eg. registration of business name, opening business bank account, arrangements for rent/lease facility or equipment, employment contracts business name, bank account, rent/lease facility or equipment, employment contracts etc.(30 marks)ii. Legal advice for New Ventures in order to operate legally in Turks and Caicos:  for start-upactivities, contracts, intellectual property, patent, copyright, hiring of employees, tax benefit, lawsuits by employees, breaches of local laws/regulations, licenses, intellectual property infringements, rental or lease agreement, etc.  (30 marks)

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