As An Entrepreneur, You Want To Start A Business You Know Th

Question

As An Entrepreneur You Want To Start A Business You Know That The Fi 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 outline for your imaginary business. For research purposes, you can choose any state for the location of your business. Your business plan outline should include the following: Introduction of the proposed business ( words) Description and explanation of the type of business entity that is best for your business ( words) Your business should be a partnership, corporation, or another type (For this assignment, you should not choose a sole proprietorship for your business entity.). Provide an explanation for your choice of business entity (advantages or disadvantages of the selected type of business entity). Description of the specific steps that need to be followed to successfully and legally start the business ( words) Steps will vary depending on the type of business that you choose. Good sources of research for this area include the following: Textbooks State statutes (e.g., 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 because it includes information on how to start a small business. A draft of a valid contract with a vendor, supplier, customer, and so forth that illustrates all elements of a contract and takes into consideration some of the topics discussed in the contract chapters

Dr. Jack HW Helper · Accepted Answer

Starting a new business is an exciting venture that involves meticulous planning and strategic decision-making. This paper will outline a comprehensive business plan proposal for an hypothetical business, including the business introduction, the best-fit legal structure, rationale for that choice, and the steps needed to legally establish the business. Introduction of the Proposed Business The proposed business is a specialty coffee shop called "Urban Brew," located in downtown Denver, Colorado. The business aims to provide high-quality, ethically sourced coffee and a cozy environment for urban professionals and local residents. The target market includes working professionals, college students, and tourists seeking a premium coffee experience. Urban Brew will differentiate itself by focusing on sustainable practices, local partnerships, and innovative brewing techniques. The business will operate as a retail food establishment, with plans to expand into retail distribution of coffee beans and merchandise in the future. Type of Business Entity and Rationale After considering various options, the preferred business entity type for Urban Brew is a Limited Liability Company (LLC). An LLC combines the benefits of pass-through taxation with limited liability protection for owners, making it suitable for small to medium-sized businesses seeking flexibility and protection. The LLC structure allows the owners—who are the founders and initial investors—to avoid personal liability for business debts and legal actions, a crucial advantage given the potential risks associated with food service operations. Additionally, LLCs are relatively simple to establish and maintain compared to corporations, with less regulatory requirements and corporate formalities. The advantages of choosing an LLC include flexibility in management and profit distribution, pass-through taxation avoiding double taxation, and limited personal liability. Disadvantages may involve regional variations in reg

As An Entrepreneur, You Want To Start A Business You Know Th

As An Entrepreneur You Want To Start A Business You Know That The Fi

Paper For Above instruction

Introduction of the Proposed Business

Type of Business Entity and Rationale

Steps to Legally Start the Business

Conclusion

References