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Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

Key Assignment: Proposal Part 1

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 (200–300 words)
• Description and explanation of the type of business entity that is best for your business (400–600 words)
  • Partnership, corporation, etc. (for purposes of this assignment, you should NOT choose a sole proprietorship for your business entity.)
  • Provide explanation for your choice of business entity (advantages/disadvantages of the selected type of business entity)
• Description of the specific steps needed to be followed to successfully and legally start the business (500–700 words)
  • Steps will vary, depending on the type of business you choose
  • Good sources of research for this area include the following:
    • Textbooks
    • State statutes (for example, 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; it includes information on how to start a small business