As an entrepreneur, you want to start a business. You know that the first step is to consider drafting a business plan proposal to organize all of your ideas. For this assignment, you will be submitting a business plan proposal outline for your imaginary business. For research purposes, you can choose any state for the location of your business. Your business plan outline should include the following:
Introduction of the proposed business (200-300 words)
Description and explanation of the type of business entity that is best for your business (400-600 words)
Partnership, corporation, etc. (for purposes of this assignment, you should NOT choose a sole proprietorship for your business entity.)
Provide explanation for your choice of business entity (advantages/disadvantages of the selected type of business entity)
Description of the specific steps needed to be followed to successfully and legally start the business (500-700 words)
Steps will vary, depending on the type of business you choose
Good sources of research for this area include the following:
Textbooks
State statutes (for example, Chapters 47 and 48 of the South Dakota Codified Laws include information on the business formation process)
The Small Business Administration Web site will be helpful; it includes information on how to start a small business
A draft of a valid contract with a vendor, supplier, customer, etc. that illustrates all elements of a contract and takes into consideration some of the topics discussed in the contract chapters
Possible ethical considerations for your business, including any social responsibility plans or attitudes that your business will embrace (400-600 words)