Page 102 - Business_Studies_F5
P. 102
Student's Book Form Five
Confiscation of property Project work
In some other instances a medium-
sized business is likely to have property Based on what you have discussed in
confiscated in if the following happens: the skill lab, document the registration
procedures of any business of your
(a) Tax evasion; choice in relation to the identified
FOR ONLINE READING ONLY
(b) Trading of counterfeit or expired business opportunities in the
products; and school environment and predict the
(c) Trading in illegal or unregistered challenges likely to be encountered
products. during the process.
Exercise 5.4
1. Describe the types of sanctions Chapter summary
that a medium-sized business is
likely to face when operating an 1. Business registration is the process
unregistered business. of obtaining legal authorisation to
start and operate a business in a
2. Discuss the scenarios in which given locality.
a business license of a medium-
sized business may be revoked 2. The importance of registering a
or cancelled or de-registered or business includes freedom to do
suspended. business, access to credit, market
access, intellectual property rights,
3. Explain the situations in which improve tax administration and
the property of a medium-sized planning process.
business may be confiscated.
3. There are several types of licenses
such as business license, business
name registration certificate,
Skills lab activity
company registration certificate,
Discuss the different business certificate of compliance, tax
opportunities available in the school identification number certificate,
environment and how they can be and other sectoral licenses.
utilised.
4. There are several procedures for
registering a business name, company,
acquiring a business license, and tax
identification number.
93 Business Studies for Advanced Secondary Schools
30/06/2024 19:02:37
Business Studies FORM 5.indd 93 30/06/2024 19:02:37
Business Studies FORM 5.indd 93
