1- There are few legal formalities in establishing the business apart from informing the Inland Revenue and Custom and Excise with regards to your income tax, national insurance and possibly VAT. TAX and the sole trader. There are also rules governing your choice of business name you wish to trade under. Business names and the rules.

2- All profit generated by the business is classed as personal income (which is subject to tax).This may suit people who want to start off their business on a relatively small scale.

3- The business accounts do not have to be audited. Limited companies have to file their accounts with Companies House for public access.

1- The sole trader has unlimited liability. In other words should the business fail then the sole trader is responsible for all debts. All personal assets can be seized to pay of debts. It is advisable to contact a solicitor to secure personal assets.

Leasing provides a form of medium-term credit. The business will be able to rent out coaches as well as lease property. Coach prices are £370 for each day of use and property would be acquired in London for £542 a month. These costs are instead of costs like £100,000 for a coach and £60,000 for property.

Initially we would need one tour guide to help customers to cope with difficulties and show customers sites and instruct with shopping tours. They will also be required to serve refreshments on trips. The tour guides will have previous experience and preferably knowledge or qualifications in foreign languages and will also need 5 GCSE's with experience being preferable. They will need to be young and enthusiastic to portray the company's image. The coach hire company provides the tour guide on hire contract and we will have to cover any additional training costs to make the guide familiar with foreign languages and cities and sites. Training would be off the job at a special training centre for 2 weeks. Ideally there would be an intensive training course for longer, but this would be hard to budget with limited finances. As the business progresses and expands more tour guides will be needed and eventually if the company expands and buys its own coaches, we will have to cover salaries and training.

A £500 overdraft would be available from HSBC. This is a short-term form of finance, but it costs a lot due to high interest charges until the amount is paid back. The amount for overdraft may be negotiable in the future depending on EuropaTour's record.

The market is all over mainland UK as it is too difficult to pick up customers from Ireland. We would therefore be required to begin picking up customers from the North, probably Scotland. The company office has no particular location restrictions, as most bookings will be done through travel agents or by phone. Labour is not particularly skilled so location in business parks or close to universities is not required. The business would need to locate in an area with fairly cheap rents initially, but if possible have well presented offices to promote the company's image. This way costs could be minimised and it will be easier to break even over the first two years. A small office would be necessary, as sales would be mainly by telephone so a publicly visible shop is not needed. If the premises is well maintained and organised then any customers walking by would be attracted to the initial impact of the company image. Workspace offers the Alpha Business Centre, a ground floor unit with 76 metres squared at £542 per month including service charges. The site has 24 hour access, on-site parking, 24 hour security and CCTV, an onsite manager, a reception including message taking services and a conference room. It is located 30 minutes by underground from central London. It is located a couple of minutes from two underground stations as well as road access. Being in London gives a good image

A bank loan will be initially available to the business. This provides a lump sum that is repayable with monthly instalments, which would make setting up easier in the first two years. A fixed interest rate will be supplied making the repayments more c

Some topics in this essay:
Line Travel, Business Ownership, Business Trust, Sources Finance, Staffing/Training Initially, Paris Montolon, According EU, Aims Objectives, Business Centre, VAT TAX, sole trader, coach hire, foreign languages, hire company, tour guide, business able, astra eagle line, unlimited liability, limited company, ratio 6040, trade credit, eagle line travel, sole trader 1-, coach hire company,