EAT STREET - Final Business Plan
Human Resources
Planning Permission -The sale of food and drink for consumption on the premises or takeaway
service requires an A3 planning consent. Before acquiring a property you must insure this
permit is granted from the Local Authority before agreeing to take on the premise. In most cases
the terms are agreed upon the granting of application with the representing Agent or Landlord
before moving forward to drawing up an Agreement Lease. Our premise already comes with a
consent as it was a Cafe. (Planning Aid.com).
Lease Agreement - We will be negotiating a Commercial Tenancy Agreement
(Lawdepot.co.uk) with the owner of the property. This will be secured in all 4 of our partners
names so we can protect ourselves legally. An agreement will formally state all the terms and
conditions and any such clauses entailed in the use of the property.
Basic information of rent amount, rent review period, length of agreement and use of property
allowed, etc. In most likelihood it is better to seek a solicitor firm to carry out the task. In this way
it will be registered and legally binding between both parties.
Registration and Company Ownership - We will be setting up the business as a ‘Private
Limited Company’ done by an Accountancy firm who we will hire to do. A company name is
registered as a ‘limited’ company and its constitution contained in the ‘Memorandum of
Articles of Association’ with the ‘Companies House’ (Clayton, P (2006) pp.21-21).Once the
name is registered, it will be solely owned by us and cannot be used by anyone else.. The
advantage of incorporating business activities into a ‘Company’ means that the business is a
separate legal entity. Profits and losses, debts and obligations all belong to the company. This
safeguards the personal assets of the shareholders of the business.
The accountant will contact HMRC and register the business so that we are compliant on
tax,VAT, and paying PAYE and pension contribution for employees.(GOV.UK).
Accountancy and Banking - On completion of registering the company, we are choosing to
open a business account. We have considered choosing a bank who is offering the lowest
service charge, lower overdraft interests and comes with online, postal, and branch service with
added online banking facilities.(Bernstein, A (2012) pp.32-35).
Insurance cover - It is important to purchase business liability insurance from a reputable
firm to protect its assets, material damage caused by fire and flooding,interruption period and
public and employee indemnity insurance. This will cover us from claims made by third parties
and customers and also everybody working in the premises from accidents and
injuries.(Hospitality (2007) pp.1-5).
1
