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
• Description and explanation of the type of business entity that is best for your business
  
  • Your business should be Partnership, corporation, or another type. (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
• 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

• A draft of a valid contract with a vendor, supplier, customer, etc. that illustrates all elements of a contract and takes into consideration some of the topics discussed in the contract chapters