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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 proposal to organize all of your ideas. For this assignment, you will be submitting a business plan proposal 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
Description and explanation of the type of business entity that is best for your business
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
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 the appropriate written agreement for the particular type of entity chosen
Articles of incorporation, articles of organization, partnership agreement, etc.
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
Description of a possible disagreement that could be encountered among the partners or investors and shareholders.
Examples could include the introduction of a new product line, borrowing money for expansion, an advertising campaign, etc.
Illustration of the various ways the disagreement could be resolved (referring back to the formal documents, such as the articles of incorporation or the partnership agreement)
Discussion of how the business would be terminated if the disagreement between the board of directors, shareholders, or partners could not be resolved