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 (200-400 words)
o Your business should be a partnership, corporation, or another type (For this assignment, you should not choose a sole proprietorship for your business entity.).
o Provide an explanation for your choice of business entity (advantages or disadvantages of the selected type of business entity).
• Description of the specific steps that need to be followed to successfully and legally start the business (500-700 words)
o Steps will vary depending on the type of business that you choose.
o Good sources of research for this area include the following:
State statutes (e.g., 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 because it includes information on how to start a small business.
• A draft of a valid contract with a vendor, supplier, customer, and so forth that illustrates all elements of a contract and takes into consideration some of the topics discussed in the contract chapters