Develop key parts of an organizational plan. Describe the legal form of your business...

Question

Develop key parts of an organizational plan.

Describe the legal form of your business (proprietorship, partnership, or corporation).
Justify the legal form you selected by detailing its advantages over other forms.
Identify the positions and describe the roles of the executive management team.
Address whether or not you will use a board of directors and / or a board of advisors and why.

Develop the rudiments of a financial plan:

Explain the financial requirements for the venture, including the amounts needed for cash flow and profitability.
Create a cost of operating report for your venture.
Prepare a break-even analysis for your venture.
Explain the sources of funding for the venture.
Research and cite at least five (5) reputable academic sources.

Your assignment must follow these formatting requirements:

Be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

The specific course learning outcomes associated with this assignment are:

Examine the organization plan options and how the organizational structure aligns with the business strategy.
Analyze the financial planning process for a new venture.
Analyze different sources of capital to determine the appropriate financing for a business venture.
Use technology and information resources to research issues in entrepreneurship and innovation.
Write clearly and concisely about entrepreneurship and innovation using proper writing mechanics.

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David · Accepted Answer

Organizational plan:  
The type of legal entity I would choose for my business is a limited liability company 
(abbreviated as LLC).  My brand would be sold by the company titled with the name of the 
brand itself. It would be called Rejuvenade Drinks Limited Liability Company  (LLC). 
Reason for choosing this legal entity 
 This type of an entity has characteristics that lie between partnership and corporation. It is 
relatively simple to establish.  In this system the entity can be owned by one or more 
members who are essentially interest holders in the company. They can manage the business 
themselves or hire external people for managing the entity. There can be one or more 
members of the entity. This gives a flexibility to operate the firm as an individual or bring-in 
partner to manage.  The main advantage of this kind of pattern is that the liability it places on 
the shoulders of its owners is limited to their investment and the profits the firm generates. 
Other personal assets are not at risk, unless there is any personal guarantee involved. (State 
Bar of Georgia, 2000, Which legal entity is right for your business, retrieved from 
http://sos.georgia.gov/corporations/legal_entity.pdf). Preferably, I would seek advice from a 
legal professional to look into the tax benefits of the structure. Again, the flexibility the 
structure provides is that taxes can be paid as either as a sole proprietorship, a partnership or 
as a corporation.  The members of an LLC have the freedom to decide how to distribute 
profits amongst themselves, which makes allocation of profits much easier and keeps it 
simple hence avoiding conflicts. (Dana Griffin, Demand Media, retrieved from 
http://smallbusiness.chron.com/complete-guide-limited-liability-companies-4431.html)
http://sos.georgia.gov/corporations/legal_entity.pdf
http://smallbusiness.chron.com/complete-guide-limited-liability-companies-4431.html
Management Overview: 
Since I am planning a start-up, I would prefer a pool in of resources in the form of funds and 
expertise from people belonging to various domains. I would prefer to bring in someone with 
a good knowledge of finance, marketing, legal and operational efficiency to take over 
respective departments. I would place myself in role of chief executive, whose main function 
would be to get the strategy correct and plans implemented effectively.

Develop key parts of an organizational plan. Describe the legal form of your business (proprietorship, partnership, or corporation). Justify the legal form you selected by detailing its advantages...

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