Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.
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:
- 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