BUS 121–Business Law I Business Plan Purpose The purpose of the project for this course is to expose you, the student, to the importance of a business plan, the foundation for success of any business -and with a focus and highlightof the type of Business Structure and several related legal aspects from this course (e.g., based on material fromHW#4’s Worksheet).OverviewA business plan maps out where one wants the business to go, how to get there, and how to plan to build it from overallgoals, such as objectives, nature of the business, to specific details like legal aspects, market research and financial forecasts. Starting a business plan does not necessarily have to be a long, time consuming process and many are not very complicated. At the same time, they require serious thoughtand evaluationof resources.Narrowing it down to this Business Law course,one needs to include in the plan the right business structure–one of the structures that were addressed in your worksheet from HW#4, material from Chapter 14 and additional links that you providedin that assignment. That assignment isespeciallya good basis for #2 & #3 under the Content Topic Requirements below(next page). You may have completed this process with a current business you have in which that situation can be usedas a basis for thisproject. Also, this project may act as a starting tool for business ventures you have considered (i.e., come up with a business plan or ideain an area of your interest).Remember that this plan does not have to be a real or existing business, it can simply be an idea or business interest one has in mind.This project will not cover every necessary aspect of a complete Business Plan, but rather cover some general areas while addressing significant legal and business law aspects.General Instructions 1. Complete part of a Business Plan that addresses the requirements below. 2. Proofread your paper. Have someone else read it. Students lose many points basedon grammar and spelling alone.3. Please turn your paper in on time. NO LATE PAPERS ACCEPTED (that includes one minute past the deadline). Remember lateness or incompletion were addressed in the First Week Notes and Syllabus Addendum.4. Plagiarism will result in an automatic failure of the course. Please includebothin-text citations(where one is quoting or paraphrasingin the paper) and a reference pagelisting only sources thatare actually used in your paper.Content Topic Requirements& Rubric:Use page quantities below only as estimations, not exact requirements.At the same time, grading will not be based necessarily on quantity but rather on quality and accuracy ofinformation, good discussion, thought process and organization.1. BusinessPlan Overview-includeidea and general plan for your business. For this, it makes good business sense tomake it interesting, catch the reader’s attention, sellthe ideato your audience(1/2 –1 page)–15%2. Business Structure–define the structure that will apply(e.g., general partnership), anoverview of that structure type and why it is being chosen for the business. HW#4 is a good basis for this (1/2-1 page) –15%3. Personal Liability, Tax & IRS Information and Formation-Address the following three areas as it applies to your business. Again, HW#4 is a good basis for this(1-2 pages)–20%4. Set-Up Costs, Operating Costs, Funding & Possible Investors(if applicable)-Address theseareas as it applies to your business. In addition to discussion, one can estimates costs and usea listorchart whichcanhelp present &organize this section(1 page)–20%5. Growth& Adaptability -Finally, discuss thoughts and plans on keeping your business. Consider choosing a structure now that can adapt with your business.For example, a sole proprietor may haveplans for growing the business in the future and transition into a general partnership or LLC.Think not only about your business’ current needs, but also about what your business may need in the future –added expenses, hiring additional employees, social media to promote, marketand competition, to name several areas to consider. One does not need to address each of those topics, at the same time, feel free todiscuss other areas that pertain toyour plan and other general business topics. Another thought to share -in light of theCOVID-19 pandemic, someof my former studentshave includedthis event&how it impacts their business planfrom a reality standpoint(1-2pgs)–20%Mechanical Requirements:10%1. Double spaced, 12 font size and Times New Roman style. 2.Includecover pagewith your name, date, and name of company.Table of contentsand reference pagerequired.3. Use at least three(3) sources. Again, please include both in-text citations (where one is quoting or paraphrasing in the paper) and thereference pagelisting only sources that reflect the citations used in your paper).4.In-text citations-if you do not know that this means, please ask (e.g., an English instructor, the library, your classmate, the Learning Center, advisor, myself). There is no excuse for not doing this in your paper –citing and giving credit where it is due.
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