Explain the type of business entity that is best for your business

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)

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