By completing this course, and this final project, you are demonstrating the following knowledge and skills:

Business development

New product development

Business planning and operations

Risk Management

Presentation skills

Management and leadership

Problem$-$solving

Decision$-$making

Strategic planning

Ethical standards and conduct

Communication

After completing your degree, you decide that you want to start a business. You know the first step is to consider drafting a business plan to organize your ideas. For this assignment, you will submit a condensed, partial business plan focused on the legal aspects of starting a business. For research purposes, you can choose any state for the location of your business. Your business plan focused on legal topics should include the following:

Introduction of the proposed business$/$executive summary

The executive summary is often considered the essential section of a business plan. If you seek financing, the executive summary is your first opportunity to attract a potential investor$$s interest. This section briefly tells your reader where your company is$,$ where you want to take it$,$ and why your business idea will be successful for this currently non$-$existent business.

In the executive summary, you must state where you will start your business $($city$,$ state, country$).$

The executive summary should highlight the strengths of your overall plan and therefore be the last section you write. However, it appears first in your condensed and partial business plan addressing the legal aspects of starting a business.

Identify and describe the business entity that is best for your business.

Examples may include partnerships, limited liability companies, or corporations. $($For purposes of this assignment, you should NOT choose a sole proprietorship for your business entity.$)$

Defend your choice of business entity $($this may include the legal advantages$/$disadvantages of the selected type of business entity based on your business concept$).$

Describe the specific legal steps needed to start the business successfully.

Note: Steps will vary, depending on the type of business you choose and the state in which you are located.

Good sources of research for this area include the following:

Textbooks

Review FindLawLinks to an external site. for information on the business formation process.

The Small Business Administration websiteLinks to an external site. will be helpful; it includes information on how to start a small business.

Recommend and describe an appropriate written agreement for the particular type of entity chosen.

Examples: Articles of incorporation, articles of organization or partnership agreement.

Remember to review critical areas that should be included, such as percentage of ownership, responsibilities, who is managing, distribution of profits or losses, decision making, role clarity, etc...

Explain potential ethical considerations for your business, including any social responsibility or sustainability plans or attitudes that your business will embrace.

How will these plans increase your brand value?

Why is being socially responsible important to customers and how does that translate into your company$$s bottom line?

Examples: $$Green Projects,$$ donating to causes, funding research, etc... The end goal is not to simply maximize profits, but make sure the business operations positively impact the environment, people, and society.

Determine how the business would be terminated if disagreements between the board of directors, shareholders, or partners could not be resolved.

$($Hint$,$ there are legal steps to dissolve a business entity, again depending on your state$).$