Phase 4 IP

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)
  • Your business should be a partnership, corporation, or another type (For this assignment, you should not choose a sole proprietorship for your business entity.).
  • 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)
  • Steps will vary depending on the type of business that you choose.
  • Good sources of research for this area include the following:
    • Textbooks
    • 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