Form Of Ownership In A Business Plan

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Next, you might provide more information about location, legal structure, and management, and offer more details about the company's history, objectives, goals, and strengths.The company summary in a business plan—also known as the company description or overview—is a high-level look at what you are as a company and how all the elements of the business fit together.An effective company summary should give readers, such as potential investors, a quick and easy way to understand your business, its products and services, its mission and goals, how it meets the needs of its target market, and how it stands out from competitors.A corporation can be taxed, it can be sued, and it can enter into contractual agreements. The shareholders elect a board of directors to oversee the major policies and decisions.The corporation has a life of its own and does not dissolve when ownership changes.This decision will have long-term implications, so consult with an accountant and attorney to help you select the form of ownership that is right for you.In making a choice, you will want to take into account the following: Sole Proprietorships The vast majority of small businesses start out as sole proprietorships.To correct information in your Experian Business Credit Report use the "UPDATE MY REPORT" button on the following page.One of the first decisions that you will have to make as a business owner is how the company should be structured.Before you begin writing your company summary, remember to stick to the big picture.Other sections of your business plan will provide the specific details of your business. Small Business Administration (SBA) website has a lot of information available if you've never written a business plan before.

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