How to Describe Your Business When writing a business plan, an important task is to clearly describe your business and exactly what it will involve. This can be will be crucial to writing your business plan.
Types of business structures Sole Proprietorship A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management, fewer legal controls, and fewer taxes.
However, the business owner is personally any type of business plan for all debts incurred by the business.
General Partnership A General Partnership is composed of 2 or more persons usually not a married couple who agree to contribute money, labor, or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership.
Formal terms of the partnership are usually contained in a written partnership agreement. Limited Partnership A Limited Partnership is composed of one or more general partners and one or more limited partners. The general partners manage the business and share fully in its profits and losses.
Limited partners share in the profits of the business, but their losses are limited to the extent of their investment.
Limited partners are usually not involved in the day-to-day operations of the business. Filing with the Washington Secretary of State is required.
This business structure is used most by professionals, such as accountants and lawyers. This type of business structure may shield general partners from liability for obligations of the LLLP. Corporation A Corporation is a more complex business structure.
A corporation has certain rights, privileges, and liabilities beyond those of an individual. Doing business as a corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control.
Corporations may be formed for profit or nonprofit purposes.
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Nonprofit Corporation A Nonprofit Corporation is a legal entity and is typically run to further an ideal or goal rather than in the interests of profit.
Many nonprofits serve the public interest, but some engage in private sector activities. If your nonprofit organization is, or plans to, raise funds from the public, it may also be required to register with the Charities Program of the Washington Secretary of State.
Charitable activities may require additional registration. Contact the Office of the Secretary of State for more information.
The agreement details the organization of the LLC, including provisions for management, assignability of interests, and distribution of profits and losses. LLCs are permitted to engage in any lawful, for-profit business or activity other than banking or insurance.
Massachusetts Trust A Massachusetts Trust is an incorporated business with the property being held and managed by the trustees for the shareholders.
Every business plan, big or small, should start out with an executive summary that details what the company hopes to accomplish, how it hopes to accomplish it, and why this business is . This type of business is simple to form and operate, and may enjoy greater flexibility of management, fewer legal controls, and fewer taxes. However, the business owner is personally liable for all debts incurred by the business. Subpart —The Small Business Subcontracting Program is the preferred type of subcontracting plan for contractors furnishing commercial items. Once a contractor’s commercial plan has been approved, the Government shall not require another subcontracting plan from the same contractor while the plan remains in effect, as long as the.
The trustees are considered employees since they work for the trust. Trust A Trust is a legal relationship in which one person, called the trustee, holds property for the benefit of another person, called the beneficiary. Joint Venture A Joint Venture is formed for a limited length of time to carry out a business transaction or operation.
Tenants in Common A Tenants in Common allows 2 or more people to occupy the same business while retaining separate identities in regard to assets or liabilities resulting from business activities. Municipality A Municipality is a public corporation established as a subdivision of a state for local governmental purposes.
A contingency plan is a plan based on the worst-case scenario that you can imagine your business surviving—loss of market share, heavy price competition, defection of a key member of your. May 14, · Different situations call for different types of business plans. An effective business plan will match its intended use. Knowing the specific use of a particular type of plan will help you build a better roadmap for the future of your business.4/5(41). Works for any type of manufacturing company. Free download available to customize the plan in Word or PDF for your business. Use this free manufacturing business plan to start and grow a thriving, profitable manufacturing business. Includes market analysis, strategy, more. Works for any type of manufacturing company.
Association An Association is an organized group of people who share in a common interest, activity, or purpose.The time you invest in your business plan will pay off many times over. Some of the most obvious benefits you can gain from business planning include.
An opportunity to test out a new idea to see if it holds real promise of success. A clear statement of your business mission and vision.
Business plans can be divided roughly into four distinct types. There are very short plans, or miniplans, presentation plans or decks, working plans, and what-if plans.
Get inspired with our gallery of over example business plans. Choose the category that is closest to your own business or industry, and view a plan you like.
LivePlan includes all business plan samples, so you can easily reference any of them when you’re writing your own plan. If you’re.
Choosing a Successful Location for Your Business. Select a business space that suits your company's needs. the perfect location for any business is a very individual matter. Spend some time figuring out the habits of the customers you want to attract, and then choose a location that fits.
(as part of your business plan), you should have. This section should include any documentation to support the prior content of the business plan.
This section can include such items as brochures, business cards, summaries of market research studies, and references for the individual. Explore small business health insurance plans from UnitedHealthcare. We have a variety of health insurance plans for small and large employers.
Skip to main content. Employers; Group Benefits Plan Search Menu Any type of corresponding health plan arrangement is allowed;.