While a Business Plan may vary in how it is organized, LawDepot's Business Plan helps you list your business information clearly and concisely in the following sections:
Structure: This refers to the legal arrangement of your company. The most common company structures include:
- Sole Proprietorship: A business owned by a single individual who is responsible for all the debts, responsibilities, and obligations of the company.
- Partnership: Two or more individuals own the business and share in the profits or losses of the company.
- Corporation: A type of business structure where the business itself is considered a legal entity, so it has the rights and obligations of a person. A corporation is owned by shareholders who have a limited liability relationship with the company.
- Limited Liability Company (LLC): An LLC is a combination of the most desirable features of a partnership and a corporation. Members of an LLC enjoy the limited liability of a corporation in that any risk is limited to what they have invested in the company. In addition, an LLC can be created in such a way that it enjoys a similar tax structure to a partnership.
Product: The product section allows you to describe the product or service your company offers. For example, if you own a retail business selling and repairing computers, that information would be listed here.
Marketing: The marketing section allows you to list your target audience. For instance, if you have a business-to-business (B2B) focused company, your target audience would be other businesses rather than consumers.
SWOT: SWOT is an acronym for "Strengths, Weaknesses, Opportunities, and Threats." A SWOT analysis evaluates these specific aspects of your business.
