Michigan entrepreneurs may be interested in learning how to create a business plan for potential customers, investors or employees. There are four types of plans that a business owner might use depending on the company's goals. Some companies may benefit from using two or more of these models in their business planning.
When two or more people come together to operate a business, they are said to be in a partnership. In a general partnership, each partner shares profits and losses equally unless otherwise specified in the partnership agreement. For general partnerships, there is no need for a written agreement to make the partnership valid.
The legal structure of any business enterprise founded or incorporated in Michigan may be an important factor. The structure should be carefully chosen at the inception of the venture and should take the future needs and plans of the business in mind. This decision may affect nearly every aspect of the business, from how much paperwork needs to be done to what kinds of taxes have to be paid. Different structures also offer different rules for business liabilities.