Unit 3: Financial Planning & Monitoring

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Unit 3: Financial Planning & Monitoring

Sources of finance

Setting and monitoring budgets

CashFlow forecasting

Business Plans

Cost and revenues

Resource Management

Legal Forms in business

Partnerships

Partnerships don't benefit from limited liability.

Partnerships dissolve on death of a partner or resignation or bankruptcy

To avoid this make deed of partnership

This covers arrangements for sharing profits, liabilites in case of debt, continuation after death of partner and etc.

Partners who choose not to take part in management are called sleeping partners

Every partner able to take part in business actions

Group betwen 2 to 20 people who contribute to capital & expertise in enterprise.

Sole Trader

Soletraders may run the business on their own but this doesn't mean that they can't hire people for work

Can become limited but takes a long time so most sole traders are unlimited from liabillity.

has full responsibility for financial control of business, meeting capital requirements.

A form of business organisation which is run by an individual who owns and runs the business.

Limited Liability

Shareholders are not responsible for paying debts made by the business

If hte business fails they lose the money that they had put into the business.

Limited liability means that the owners of a business (shareholders) risk only what they have invested into the business.

Profit and breakeven