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Legal form for a new business

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Discuss the legal form for a new business and give a step-by-step guide for writing a business plan.

Both students and entrepreneurs are challenged both to decide the "starting out" legal form for their business as well as how to write a business plan.

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Solution Summary

The solution discusses two legal forms for a business including advantages and disadvantages. The outline for a business plan is presented including links to helpful site plus related attachments.

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The first thing to consider in deciding the legal form of business is verify that the limited liability company (LLC) form is recognized in the state in which the business will be set up.

The LLC is a suitable business structure for small family and closely held businesses. Among its advantages are:

Limited liability to the owners.
Less restrictive than an "S" corporation
Earnings are not subject to double taxation
Ownership by one person--presumably, you.

The S ...

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