As an entrepreneur, you want to start a business. You know that the first step is to consider drafting a business plan to organize all of
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As an entrepreneur, you want to start a business. You know that the first step is to consider drafting a business plan to organize all of your ideas. For this assignment, you will be submitting a business plan for your imaginary business. For research purposes, you can choose any state for the location of your business. Your business plan should include the following:
Introduction of the proposed business/executive summary
The executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to attract a potential investor’s interest.
The executive summary should highlight the strengths of your overall plan and therefore be the last section you write. However, it appears first in your business plan.
Identify and describe the type of business entity that is best for your business.
Examples may include: partnership, limited liability company, corporation, etc. (For purposes of this assignment, you should NOT choose a sole proprietorship for your business entity.)
Defend your choice of business entity (this may include advantages/disadvantages of the selected type of business entity based on your business concept).
Describe the specific legal steps needed to be followed to successfully start the business.
Note: Steps will vary, depending on the type of business you choose and state you are located in.
Good sources of research for this area include the following:
Information on the business formation process can be found at: http://smallbusiness.findlaw.com/incorporation-and-legal-structures/business-formation-quickstart.html