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Why would you establish an LLC instead of a corporation? That’s a tough legal question, not one we
can answer here. In general, the LLC has to be missing two of the four characteristics of a corporation
(limited liability, centralized management, continuity of life, and free transferability of ownership
interest). Still, with the advisability and advantages varying from state to state, here again, this is a
question to take to an attorney who has small business experience. CHAPTER 4: STARTING A BUSINESS 4.7 A Simpler Plan for Start-ups
Don’t let me, this book, business-planning software, or any other source force you into doing more
of a business plan than you need. A plan can help you move forward, make decisions, and make your
business successful. Not every plan is the same, not every business needs the same level of detail.
For a simple example, imagine a woman making jewelry at home and selling it at a local craft market
on the weekend. A business plan could give her a chance to step back from the normal ﬂow and look
at ways to develop and improve the business. The planning process should help her understand her
business. It should help her deﬁne what she wants from the business, understand what her customers
want, and decide how to optimize her business on her own terms. She might beneﬁt from developing
a less detailed sales and expense forecast, maybe even a proﬁt and loss, so she can plan how to
use and develop her resources. She might not need to create detailed cash ﬂow, balance sheet, and
business ratios. A simple plan may be just what she needs to get going.
Even at the early start-up stage your business plan is very important. The outline below illustrates the
contents of a simpler business plan. For many smaller and start-up businesses, this plan outline can
cover all the bases. Simpler Plan Outline
1.0 Table Executive Summary 1.1 Highlights Objectives 1.2 Chart Mission 1.3 Keys to Success 2.0 Company Summary 3.0 Product Description 4...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.
- Winter '09