THE LEGAL BITS
The following rules and regulations should be read along with the rules that relate to raising money to get your business started.
To enable students to run a real-life business, there are rules that you have to follow.
There can be no more than five team members in a student company.
For the year of trading, you will be a branch of the charity Junior Achievement. It is important that you follow these rules so that you do not break the law or damage the reputation of Junior Achievement.
Any student company that breaks the rules risks being suspended from the programme.
Junior Achievement spends over £1,000 providing product insurance for your business. For this reason, all products or services must be approved by Junior Achievement before you start trading.
There are certain products that you cannot sell for health and safety reasons. Student companies must follow the same rules as any other business. Please find a list of prohibited items here.
Communicating outside of your business
It is important if you are communicating with anyone regarding your business that you clearly state that you are a branch of Junior Achievement. Failure to do this may mean that Junior Achievement is liable for a fine of up to £10,000.
You must include your business name, business address and company number in all communications, including letters, orders, publications, emails, invoices etc.
You must also include this information on all online publications, i.e. website, Instagram, Facebook etc.
If you are under the age of 18, you are not allowed to engage in any credit card transactions or, when trading on the Internet, accept payments for goods and services through electronic payment providers.
In the past student companies have nominated a family member over the age of 18 to accept and make payments on their behalf and reimburse them with cash.
Your Finance Manager is required to keep an accurate record of all money you receive and payout. To do this, you must use the JA spreadsheet provided on the Company Programme website. This spreadsheet will be audited by Junior Achievement. It is essential that you keep a folder with all the receipts for payments and purchases.
Student companies are not allowed to enter into any transactions over the value of £100 without the written approval of JA or your adviser.