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What Is an LLC? Pros and Cons of a Limited Liability Company

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Table of Contents

What is an LLC?

Pros and cons of an llc, types of llcs, how to form an llc.

A limited liability company (LLC) separates a company from its owners, protecting the owners from any financial losses, debts or legal liabilities that the business may incur.

An LLC is a business structure that combines the simplicity, flexibility and tax advantages of a partnership with the personal liability protection of a corporation. This type of structure “limits” the liability of its owners, called members.

Members can be individuals or other businesses. There is no limit to the number of members an LLC can have, and they can have as few as one member, called a single-member LLC.

LLCs are formed at the state level and aren't recognized as a tax structure by the federal government. An LLC may choose how it wants to be taxed — either as a C-corporation , S corporation , disregarded entity (the default for single-member LLCs) or a partnership (the default for multi-member LLCs). LLC members must apply to be taxed as corporations.

» MORE: LLC vs. corporation

ZenBusiness

LLC Formation

$0 + state fees  

LLC benefits

Structuring a business as an LLC offers several benefits.

Limited liability. Members’ personal assets — homes, cars, bank accounts, investments — are protected from creditors seeking to collect from the business.

Pass-through federal taxation on profits. Unless it opts otherwise, an LLC is a pass-through entity , meaning its profits go directly to its members without being taxed by the government on the company level. This makes filing taxes easier than if the business was taxed on the corporate level, and if the business loses money, members can shoulder the hit on their own tax returns and lower their tax burdens.

Management flexibility. Managers of an LLC can be either members or outsiders, allowing member-owners to be as involved in the management of their business as they want. In many states, an LLC is member-managed by default unless explicitly stated otherwise in filings with the secretary of state or the equivalent agency.

Easy startup and upkeep. Though it varies by state, the initial paperwork and fees for an LLC are relatively light. Ongoing requirements usually come on an annual basis.

» MORE: Best LLC business loans

LLC disadvantages

Before registering a business as an LLC, consider these possible drawbacks.

Limited liability has limits. A judge can rule that an LLC structure doesn’t protect your personal assets. The action is called “piercing the corporate veil,” and you can be at risk if, for example, you don’t clearly separate business transactions from personal transactions or if you run the business fraudulently in ways that cause losses for others.

Self-employment tax. If an LLC is taxed as a partnership, the government considers members who work for the business to be self-employed. This means those members are personally responsible for paying Social Security and Medicare taxes, which are collectively known as self-employment tax , based on the business’s total net earnings.

Consequences of member turnover. In many states, changes in membership require an LLC to be dissolved and reformed, which requires all the normal legal and financial obligations necessary to terminate and start a business. 

» MORE: Best business credit cards for LLCs

Single-member LLCs. Entities with one owner who is responsible for the taxes, operations and debt of the LLC. 

Multi-member LLCs. Entities with multiple members who share responsibility for the business, all of whom must sign the company’s operating agreement. 

Member-managed LLCs. Entities that are managed by the members. 

Manager-managed LLCs. Entities whose members hire an outside manager to run daily operations, rather than manage the business themselves. 

PLLCs. Entities whose professions are subject to state regulatory board licensing — such as CPAs, legal advisors or medical offices. 

» MORE: Member-managed LLCs vs. manager-managed LLCs

Choose a name

Register a unique name in the state where you plan to do business. To make sure someone else doesn’t have your business name, do a thorough search of online directories, county clerks’ offices and the secretary of state’s website in your state — and any others in which you plan to do business. For a fee, many states let applicants reserve an LLC name for a set period of time before filing articles of organization.

Choose a registered agent

A registered agent is a person you designate to receive official correspondence for the LLC. Choose a registered agent before filing your articles of organization; states generally require you to list a registered agent’s name and address on the form. Although people within the company usually can serve in this role, states maintain lists of third-party companies that perform registered-agent services.

File articles of organization

This step essentially brings your LLC into existence. States request basic pieces of information about your business, which, if you’ve thought through your business plan and structure, shouldn't be difficult to provide. You’ll also supply details such as a name, principal place of business and management type as part of filing your articles of organization .

Get an employer identification number

The IRS requires any business with employees or that operates as a corporation or partnership to have an EIN , which is a nine-digit number assigned to businesses for tax purposes. The rule applies to LLCs because for federal tax purposes they're either corporations or partnerships.

Draw up an operating agreement

Your LLC operating agreement should include specific information about your management structure, including an ownership breakdown, member voting rights, powers and duties of members and managers, and how profits and losses are distributed. Depending on the state, you can have either a written or oral agreement. Many states don’t require one, but they're useful to have.

Establish a business checking account

It’s generally good housekeeping to keep business and personal affairs separate. Having a separate business checking account draws a bright line between the two. This is critical if you want to mitigate any potential risk to your personal assets if a lawsuit calls into question your business practices.

» MORE: How to pay yourself as an LLC

Get insurance

Forming an LLC can help protect your personal assets from lawsuits. But getting LLC insurance will help protect your business assets, too.

Learn how to start your business

NerdWallet has rounded up some of our best information on starting a business , including structuring and naming your company, creating a solid plan and more.

LLC stands for limited liability company.

LLCs are a common type of business structure because they are relatively easy to form and protect owners from being liable for business losses or missteps. LLCs also allow for flexibility in the way they are managed — members can manage the daily operations of an LLC or they can hire an outside manager.

If an LLC’s members engage in certain types of misconduct, a judge may choose to hold them personally liable for the LLC’s actions. In addition to this risk, members may still be required to pay self-employment taxes and any membership changes require the entity to be completely dissolved and reformed.

One blue credit card on a flat surface with coins on both sides.

How to Write a Business Plan

Last Updated: August 8, 2024, 7:52 am by TRUiC Team

Writing a business plan can be an intimidating endeavor. Whether you’ve decided to start a business , or you already have a business and need to write a business plan to apply for a loan or to pitch to investors , we cover the process in-depth.

Recommended: Our business plan generator walks you through topics like marketing and financial projections so that your business is prepared to succeed.

Man writing a business plan.

What Is a Business Plan?

The  traditional business plan is typically a 20 to 40-page formal document  that describes what your business does, what your objectives are, and how you plan to achieve them.

It lays out your plans for operating, marketing, and managing your business, along with your goals and financial projections.

There are many different types of business plans, depending on the stage of your venture and the purpose of your business plan. In the earliest stages of your business idea, you may want to start small with a  three-sentence business plan , or perhaps by sketching out a  lean canvas  or  business model canvas .

Once your  business idea  has been developed, you’ll be ready to begin  writing your business plan .

Why Do You Need a Business Plan?

Writing a business plan requires you to think through all of the key elements of your business. This gives you insights into the challenges you’ll face and the strengths you bring.

A business plan is also often requested by lenders or investors when you are ready to seek financing.

While many companies do not need a formal business plan unless they are planning on  seeking investors  or  applying for a business loan , writing a business plan has extensive benefits.

The process of writing your business plan allows you to take an in-depth look at your  industry ,  market , and  competitive position . It helps you  set goals , determine your  keys to success , and  plan your strategies . It also allows you to explore your  financial projections  and manage cash. So, even if you do not need a formal business plan, the process of planning may still reap huge rewards.

Your Audience

You need to  think carefully about who is going to read  your business plan.

Although you might begin writing a business plan only to convince yourself, there are a number of stakeholders who may end up reading your business plan.

Your plan might be read by your:

  • Partners or potential partners
  • Board of directors
  • Senior management team
  • Current employees
  • Employment candidates

Outside the organization , the following stakeholders may want to read your business plan before they decide to do business with you:

  • Distributors
  • And independent contractors

Think about your primary audience when you are writing your business plan. What are the aspects that are most important to them? This is where you will want to put the majority of your focus.

For example,  lenders will be most interested in your financial projections  — your cash flow statement and balance sheet.

Investors might be most interested in your business model, the uniqueness of your product or service, and your competitive advantage.

Partners, your senior management team, and current employees  might be most interested in your strategic plans- your vision, your operational plan, and your organizational plan.

Find Sample Business Plans in Your Industry

One great resource you should check out before sitting down to write your business plan are  sample business plans  in your industry.

Not only will you have the  opportunity to gain insights  on your industry and your competitors, you also might be able to find troves of industry and market research that will make conducting your own analysis of the industry and market much easier.

To find example business plans in your industry,  try searching the web for  “ your industry  business plan example.”

Writing Your Business Plan

Once you have spent some time looking at sample business plans in your industry, it is now time to  start writing your business plan . An easy place to begin is by outlining the major sections you will need in your plan.

What you need to include in your business plan will depend on the type of business you are creating, your business model, and who your intended audience is.

Common business plan sections include:

  • Executive Summary —  a high-level overview of your business or business idea
  • Venture Overview —  a description of your company, vision, mission, and goals
  • Product or Service Description —  a detailed description of your product or service
  • Industry and Market Analysis —  an analysis of the industry and market you compete in
  • Marketing Plan —  your overall strategy and specific plans to capture market share
  • Organizational Plan —  the legal form of the business and the key players
  • Operational Plan —  how you will operate the business and your key resources
  • Goals, Milestones, and Risks —  short and long-term goals, milestones, and risks
  • Financial Statements —  Financial statements or the projected financials of your business

Not every type of venture will require every one of these sections  to be included in their business plans. However, most business plans will at least include an executive summary, venture overview, a description of the products and services, and some form of financial projections.

Executive Summary

As suggested in its name, an  executive summary is a summary of the key points in your business plan . This is your first chance to convey to readers the what, why, who, and how of your business or business idea.

Although there is no set structure for an executive summary,  a good executive summary should summarize :

  • The problem you are solving
  • Your solution
  • Your target market
  • Any competitive advantages
  • The team you’ll build
  • Goals and objectives
  • An overview of your financials or financial forecast

If you are writing your  business plan for the purpose of acquiring funding , you will also need to discuss the amount of funding required, the purpose of the funds, as well as how your investors will get paid back.

The executive summary should be clear and concise . Ideally, this section should be one to two pages and typically follows either a synopsis or story approach, depending on the intended audience.

In the synopsis approach, you would provide a brief summary of each of the key sections of your business plan. In the story approach, your executive summary reads like a narrative, allowing you to tell the “story” of your business or idea.

With either approach to writing the executive summary, the information you want to convey remains the same. The executive summary needs to provide an overall picture of your current business or business idea.

The executive summary should include:

  • A brief description of you and your venture,
  • The problem your product or service is solving,
  • Some information on your target market, including size, potential, & competition, and
  • The solution you are offering.

The executive summary should also include:

  • A statement of where you are now,
  • A statement of your objectives and future plans,
  • A list of what you see as keys to your success, and (if you are seeking investors)
  • Any relevant financial information such as start-up costs, funding required, and how you will use investor funding.

Although the executive summary is the first section in the business plan, because it is a summary of the rest of your business plan, it is often written last.

Venture Overview

The venture overview is a top-level depiction of your company.

It contains the:

Description of the Venture

  • Vision Statement
  • Mission Statement
  • Goals & Objectives
  • Keys to Your Success

The first part of your venture overview is a description of your venture.

The description of your venture should include what you do (a brief description of your products or services), the value you provide to customers, your current operating status or a brief history of the venture, and a short description of the industry or niche in which you compete.

How to Write a Vision Statement

After describing your venture, a vision statement is a very simple, 5 to 10 word sentence or tagline that expresses the fundamental goals of your firm. Good vision statements reflect your company’s long term passion and purpose, often in a way that evokes emotion.

Take a look at the vision statements below for some inspiration:

Disney —  To make people happy. Oxfam —  A world without poverty. Stanford —  To become the Harvard of the West. Marriott —  To be the #1 hospitality company in the world. Microsoft —  A computer on every desk and in every home; all running Microsoft software.

How to Write a Mission Statement

After having crafted your vision statement, you should also create a mission statement. A mission statement explains your company's goals in terms of what you do for your customers. A good mission statement should tell your reader what your company does, who you do it for, and why you do what you do.

Check out these excellent examples of compelling mission statements:

Patagonia —  “Our Reason For Being: Build the best products, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.”

Trader Joes —  “Our mission is to give our customers the best food and beverage values that they can find anywhere and to provide them with the information required to make informed buying decisions. We provide these with a dedication to the highest quality of customer satisfaction delivered with a sense of warmth, friendliness, fun, individual pride, and company spirit.”

Facebook —  "Founded in 2004, Facebook's mission is to give people the power to build community and bring the world closer together. People use Facebook to stay connected with friends and family, to discover what's going on in the world, and to share and express what matters to them."

Goals and Objectives

In this section of the business plan, break down your most important short-term and long-term goals and objectives.

Aim for five to seven of your most important short and long term goals.

This subsection of your venture description should be kept short. You will come back to your goals at the end of your business plan.

However, your key short-term and long-term goals should be highlighted early on in your business plan as well. The rest of your business plan will act as evidence of how you plan on achieving your goals.

Keys to Success

Your keys to success are your insights into what it takes to be successful in your industry, market, or niche.

Your keys to success can include several of the most important milestones that you will need to accomplish in order to achieve your goals.

These may include providing high quality products and services, your ability to attract customers or users and gain market share, or even your ability to develop the technology to deliver your products or services.

Your keys to success may also include the major milestones that you will need to reach along the way in order to achieve your vision. You will come back to your milestones and objectives at the end of your business plan.

Product or Service Description

The product or service description section is where you will go into detail in describing your products or services.

Not only will you describe your product in more detail, you should also discuss the uniqueness of your product, and what gives you an advantage over your competitors.

These are the three main parts of the Product (or Service) Description:

Description of Products or Services

Uniqueness of product, competitive advantage.

In this subsection of your business plan, describe the products or services you will provide, why they are a fit in the market, and how you will compete with similar products and services.

Begin by clearly describing the products or services you will provide. Make sure to explain the features and characteristics of your products and services. Your product or service description does not have to be highly technical. Rather, in addition to describing the features, focus on highlighting the advantages and benefits associated with your products or services.

Also, let your reader know why your product or service is needed. How does your product or service differ from those offered by your competitors? How does it better fill your customers wants and needs?

This is where you tell your reader why your solution is unique. Is it different from everything else out there? How is it different? Why would potential users choose your product or service over your competitors? In order to stand out, you need to distinguish yourself in some way.

To describe your product or service’s uniqueness, you may want to come up with a unique value proposition (or unique selling point). A value proposition is a short description of what you do, who you do it for, and how this benefits them.

A value proposition is similar to a mission statement. However, it differs in that a mission statement is written from the perspective of the company, while a value proposition is written from the perspective of the customer.

Your value proposition should be the center of your customer messaging. It should be front and center on your website, in your marketing materials, and in your advertising.

Here a few examples of great value propositions:

Dollar Shave Club —  A Great Shave for a Few Bucks a Month. No Commitment. No Fees. No B.S.

Unbounce —  Build, Publish, & A/B Test Landing Pages Without IT

Freshbooks —  Small Business Accounting Software Built for You, the Non-Accountant

Skype —  Skype Keeps the World Talking, for Free. Share, Message, and Call - Now with Group Video on Mobile and Tablet Too.

What makes you better than competitors?

Does your  competitive advantage  come from superior products and services, customer service, technical support, logistics, price? What are the factors that give you an advantage over your competitors?

Clearly defining your competitive advantage is important.

Your competitive advantage is not just some abstract concept. It is at the core of how you deliver value to your customers. Your competitive advantage lays the foundation for your business model and should be a key component of your strategic plans.

Common areas where businesses find competitive advantages include:

  • Intellectual Property
  • Resources/Capital
  • Economies of Scale
  • Knowledge/Experience
  • Connections and Network
  • Customer Service
  • Technical Support
  • Customization
  • Brand Recognition/Loyalty

Industry and Market Analyses

The  industry and market analysis  is the “big picture” view of your industry and market.

Conducting an industry and market analysis is going to take a good deal of research. You will likely need to research your industry, your competitors, and your customers. But do not rush through this section of your business plan.

A good understanding of your industry and market is critical to your success. By understanding the forces at play within your industry, you will be better able to find additional ways to create value that will allow you to succeed in the current and anticipated competitive environment.

Conducting an industry and market analysis can be intimidating, especially if you do not know what to look for or how to find the information you need. In the next section, we will discuss what should be included in your industry analysis. Then, we will tell you where to begin looking.

Industry Analysis

The industry analysis is a big picture analysis of the industry you will compete in. What does your overall industry look like today? There are a number of insights that will help you assess the attractiveness of your idea and form a big picture view of the industry and segment you are considering competing in.

Key insights to be alert for include:

  • The dominant economic features of the industry
  • The industry’s driving forces
  • The industry’s competitive environment
  • The competitive position of major players and key competitors
  • Key industry success factors

To arrive at meaningful insights from your industry analysis, try to find answers to the following questions:

  • What primary products or services are provided by your industry?
  • What is the size and trajectory of the industry?
  • What was the annual growth rate of the industry over the past year? Three years? Five years? Ten years?
  • What is the forecasted annual growth rate over the next three years? Five years? Ten years?
  • What is the average profitability of firms in your industry?
  • What trends are affecting your industry?
  • Who are the major customer segments served by your industry?
  • Who are the major players in your industry?
  • Who will be your key competitors in your industry?
  • What key factors determine success or failure?

Industry Research

Now that you have a better idea of what to look for, you will need to know where to begin your search. There are a number of great free resources to begin looking for industry research. However, the first step is to determine the industry you are in.

While by this point, you should have some idea of the industry you are in, it is not always so clear. You could try an internet search to see what information you can find on your industry, but you will also want to find the NAICS code. You can do a  NAICS Code Lookup  and find the  NAICS Code for LLC  that matches your industry.

Here, you use the NAICS identification tool to drill-down through a list of industries to find the appropriate NAICS code for your business.

Once you know your industry, you can begin collecting more information about the industry trends and trajectory.

www.Bizstats.com  provides free industry statistics including industry averages for income statement revenues and expenses, balance sheets, and key financial ratios. This is very helpful in making financial forecasts and setting benchmarks.

The US Census Bureau also provides several tools to help you conduct industry research:

  • The  Economic Census  provides information on employer businesses, including data sorted by industry, state, region, and more.
  • Statistics of US Businesses (SUSB)  provides additional data on US businesses by enterprise size and industry. Both of these tools may help in conducting your industry analysis.

Target Market Analysis

Once you have a better understanding of the industry, you can begin to narrow down to your target market. In this section of the business plan you describe who your target market is and what you know about them.

What is a target market?  Your target market is the specific group of customers to whom your product is intended. And no, it is not everyone. Although many new venture founders would like to sell their product or service to everyone, you should focus your efforts on your most likely customers.

Narrowing your target market requires understanding the three types of markets for your products or services. Your venture’s market can be narrowed down into three categories, the TAM, the SAM, and the SOM.

The  total available market (TAM)  is the total market for your products and services. Everyone in the universe who might be your customer.

The  serviceable available market (SAM)  is the subset of the total market that you can actually reach. Although anyone in your universe might be your customer, you are limited in your ability to reach them all.

The  share of market (SOM)  is the subset of the serviceable available market that you will actually reach. These are your most likely customers. Your target market.

Target markets can be segmented in many different ways. The idea is to narrow down to your most likely customers. This is where your focus should be.

Ways you can segment the market include:

  • Demographic  (e.g., age, gender, family size, education, income)
  • Geographic  (e.g., country, state, region, city, neighborhood)
  • Psychographic  (e.g., benefits sought, personality, social class, lifestyle)
  • Behavioral  (e.g., benefits sought, usage, attitude, loyalty)

Once you understand who your target market segments are, you will be able to start determining how you can reach them. To do this, consider:

  • Where does your target market get information to make purchasing decisions?
  • What is it they are looking for when considering buying this product/service?
  • What will your target market pay attention to?

Market Research

To determine your target market and conduct a market analysis, you will most likely have to do market research.

Market research is the collection, analysis, and interpretation of data related to your target market and target customer to support strategic decision making.

There are  two types of market research : secondary market research, and primary market research.

Secondary market research  is the collection, analysis, and interpretation of data that has already been collected for other purposes. Secondary market research may include the collection of data from a number of sources such as the U.S. Census Bureau, consumer agencies, and for-profit organizations.

Primary market research  is the collection of new information to gain a further understanding of the problem at hand. Primary market research involves you collecting the data or hiring a market research firm to collect data for you. This is you going out and actually collecting the opinions of your potential customers.

Common methods of primary market research include  customer observation, focus groups, customer surveys, and customer interviews .

Because  primary market research typically takes more time  to complete and may incur  significant costs , secondary market research is often conducted before conducting primary market research. This allows you to gather enough insights that you can narrow your primary market research to those more likely to be your customers.

To begin conducting secondary market research, consider these sources:

Think with Google  provides a number of free tools and resources to help you find and understand your target market. From tools like Find My Audience and an Insights Library to a wealth of information on customer trends and the consumer journey, Think with Google is a valuable tool in conducting your market analysis.

City Town Info  provides free statistics on people and places, colleges and universities, and jobs and careers. You can search for data on more than 20,000 U.S. communities at the city and state levels.

Google Trends  is another useful tool for conducting market research. Google Trends allows you to explore what people are searching on the internet. You can examine trending topics, see trends by year, or search your own topic to discover interest over time, by region, or by related queries.

Social Mention  allows you to conduct a real-time social media search for topics across more than 100 social media platforms. Social Mention provides you with information on the sentiment behind topic mentions, top keywords, top hashtags, and the social media platforms where these topics are being discussed.

Needless to say, there are several other great sources for both industry and market research. The key is to get creative to find the data and information to both guide your strategy as well as justify your business opportunity.

Competitive Analysis

Once you understand your industry and market, you should also include an analysis of your major competitors.

Your competitors may include anyone offering alternatives to your solution that people are using now to solve the same problem.

You will want to understand and  explain who your competitors are along with their market share , price, major competitive advantages and disadvantages, and what makes your product unique from theirs.

Start by identifying the major competitors within your industry. You should focus on your closest competitors. Those that compete with you directly.

Next, for each competitor, describe their strategies, their strengths, and their weaknesses. In doing so, try to answer the following questions:

  • What are their primary products and or services?
  • Who are their target customers?
  • What differentiates your product or service from theirs?
  • What is their pricing strategy?
  • What is their marketing strategy?
  • What is their main message or value proposition?
  • What are their strengths and weaknesses?
  • What are their competitive advantages?

You should complete a competitive analysis for your top three to five competitors. Doing so will allow you to gain a much better perspective on the competitive landscape and may provide insight into how you can distinguish yourself from your competitors and even how you can take advantage of areas where your competitors fall short.

Marketing Plan

The  marketing plan  depicts the overall strategy your venture pursues to capture market share.

The marketing plan describes all aspects of marketing for your venture, including the  product, price, place, and promotion . This includes a big picture view of your marketing strategy, your planned marketing mix, as well as your pricing strategy, sales strategy, and advertising strategy.

The marketing plan should be well informed by your industry and market analysis. By now, you have a plethora of knowledge about who your  target customer  is, the problem and pain points that you are alleviating for them, and how your competitors are positioned. All of this knowledge allows you to hone your marketing plan to reach your target market with the right message in the channels they turn to for information.

Marketing Strategy

The first section of your marketing plan is your marketing strategy. Your marketing strategy refers to your overall strategy of how you will market your product. How will you get your message out to your potential customers?

Your marketing strategy should consider the four essential elements of marketing:

The 4 Ps of Marketing:

The product is everything the customer gets, whether it be a physical product, a service, or an experience.

It is what you deliver. This includes the product or service itself, along with its branding, packaging, labeling, and even benefits.

The price is what you charge. What the customer gives you. Your business plan should discuss your pricing strategy and where this fits in your marketing mix.

Are you competing on price and thus offer low pricing? Or are you focusing on value at a medium price point? Or maybe you are positioned as a luxury label or item, and compete at a high price point? Why did you choose this strategy? Does it fit with your target market and within your marketing mix?

Location refers to where your customers find you, or where you find them.

While much of today’s marketing is done online, location is still as important as ever. Once you understand the place, you will have a much better idea on how to deploy your marketing mix. Where do your ideal customers get their information? Where do they shop? What forms of social media do they use?

Promotion is how you tell customers about your products and services.

Simply put, promotion is how you raise awareness of your products, services, or brand. Promotion strategies may include public relations, content creation and curation, marketing, and advertising.

But, keep in mind, your promotional strategies should be focused on one thing: your target customer and the strategies and messaging that works for them.

Your Marketing Mix

Your marketing mix is how you allocate resources to the marketing channels that you plan to pursue. In this section of your marketing plan, you will describe the marketing messaging and channels that you plan to use, and why these are appropriate for your target market.

Inbound Marketing

Inbound marketing, or content marketing, is a form of marketing designed to draw traffic to your website by providing valuable content to your target market. This is often achieved by posting useful web content, content, videos, and blogs.

The idea behind inbound marketing is pretty simple- by providing knowledge and information on your products, services, and other information that is valuable to your customers, you generate more leads and, hopefully, more sales.

Social Media Marketing

With over 3.5 billion people around the world using social media, social media marketing is another powerful tool to reach potential customers.

Social media marketing has many advantages, including allowing you to get your message in front of your specified target audience at little to no cost.

Although there is an overabundance of social media channels to choose from. Focus on the ones that your target market uses to get their information.

For instance, if your target market is middle age or older people, you may want to focus on platforms that are more popular with these demographics such as Facebook, Twitter, and Pinterest. However, if your target market is teen agers and young adults, you are more likely to find them on platforms such as Instagram and TikTok.

The Power of Video Marketing

Do not forget to discuss the use of video marketing in your marketing mix.

In both inbound and social media marketing, video has begun to play an increasingly important role. Video marketing can be employed in inbound marketing, email marketing, and social media marketing to serve a variety of purposes. The most common uses of video marketing include explainer videos, presentation videos, testimonial videos, sales videos, and video ads.

Not only can video marketing be used in a variety of methods and contexts, it is a highly consumed type of advertising. In fact, in 2020, 96% of consumers watched an explainer video to find out more about a product or service. Video works. And marketers believe this too. 92% of marketers who utilize video marketing say that it is a key part of their marketing strategy.

Email Marketing

Depending on the type of venture your company is, email marketing may also be an important element in your marketing mix. A good email marketing strategy balances gaining new customers with keeping your existing customers engaged with your company.

Although you do not want to overdo it, and a lot of email marketing seems “spammy”, email marketing can be very effective in the right form. Welcome notes, confirmation emails, informational emails, newsletters, digital magazines, promotional emails, and seasonal and birthday campaigns are just a few of the many types of email marketing.

Referral Marketing

Another common type of marketing in a company's marketing mix is referral or recommendation marketing. Referral or recommendation marketing can take many forms. Referral marketing might include good old organic word-of-mouth marketing wherein you ask customers for referrals, or even a formal system for rewarding customers who refer new clients.

Pricing Strategy

The Marketing Plan section of the business plan should also describe your pricing strategy. How are you going to price your products and services?

There are a number of ways you can approach pricing:

Markup Pricing —  Markup pricing is pricing based on your costs, plus a predetermined markup. The amount you mark up your product or service is usually expressed as a percentage, known as the gross margin. Markup pricing is most often found in high volume manufacturing industries where manufacturers must cover the cost of the products they are making.

Competitive Pricing —  Competitive pricing is pricing based on your competitors prices for similar products or services. Competitive pricing is most often seen in products or services where there are numerous competitors or substitutes.

Value Pricing —  Value pricing is pricing based on the value or perceived value that you deliver to your customers. In value-based pricing, you set the prices of your products and services in line with what the customer believes your product or service is worth. Value-based pricing is most often seen in higher value products and services, those that cater to self-image, or those that are niche or unique.

Penetration Pricing —  Penetration pricing is setting a low initial price, and then raising it as demand increases. Penetration pricing is designed to capture market share. It is a strategy often used by a new business or in launching new products and services. The idea is to set the price low enough to draw customers from your competition.

Price skimming —  Price skimming pricing is setting a high initial price and then reducing this price as the market evolves. Price skimming is most often used on new or trendy products and services. As initial demand slows and alternatives or competitors emerge, the high initial pricing must then be lowered to stay competitive in the market.

Sales Strategy

A  sales strategy  is how you plan on selling your products or services to your target market. This includes your sales channels (where will your product or service be available for sale) as well as how you will sell your product or service.

Your sales strategy depends on your business model and the nature of your business. If your business involves retailing, food services, or personal services where your customers come to you to make a purchase, your sales strategy may be quite simple (or even unnecessary to income). However, if your business involves personal selling, you may need a more thought-out sales strategy.

Some questions to ask to determine and document your sales strategy in your business plan:

  • Will your products or services be available on your website?
  • On a third-party website?
  • In retail locations?
  • In your own stores?
  • In other retail stores?
  • Directly to consumers? (Business to Consumer or B2C)
  • To businesses? (Business to Business or B2B)
  • Cold calling?
  • Networking?
  • Inside salespeople?
  • Outside sales representatives?
  • Sales through strategic partners?

Advertising Strategy

An advertising strategy is how you plan to use sponsored, non-personal messaging to reach and inform potential customers of your product, service, or brand.

Your advertising plan should describe the mediums you are going to advertise in , who you are targeting advertising in these mediums, your advertising message(s), and your advertising budget. A good advertising plan is also measurable, so be sure to consider how you are going to measure the effect of your advertising strategy to see if it is working.

Advertising Mediums

The most common advertising mediums typically fall into the categories of traditional advertising and digital advertising.

Traditional advertising  includes print advertising such as newspapers, magazines, flyers, direct mail, and even billboards, as well as radio and tv advertising.

Digital advertising  includes email advertising, search engine advertising, website advertising, social media advertising, influencer advertising, among many, many more.

The secret to finding the right advertising strategy and advertising mediums for your business is knowing where to find your most likely customers. Where is your target market, and where do they go to get their information?

Organizational Plan

The organizational (or management) plan describes:

  • The legal form of the business
  • Its organizational structure
  • The background and roles of the leadership team
  • Key personnel that are already in place or you will need to fill.

Organizational Type and Structure

The first part of your organizational plan describes your  organizational type and structure . Who owns your company? And what is its legal business structure?

There are four primary types of organizational structures:

Sole Proprietorships

Partnerships.

  • Limited Liability Companies (LLCs)

Corporations

Sole Proprietorships and Partnerships are  informal business structures , while LLCs and Corporations are more  formal business structures .

The best type of structure for your business will depend on your business’s particular characteristics and needs. A partnership structure may be the best choice for some businesses, while an LLC or a corporation might work better for others.

Sole proprietorships  are an informal type of business structure. While many businesses start out as sole proprietorships because they are an informal business structure the owner is liable for 100% of the business's liabilities and risks. Thus sole proprietorships are typically not the preferred ownership structure for small businesses.

Similar to a sole proprietorship, a  partnership  is also an informal type of business structure. While a sole proprietorship involves only one owner, a partnership is a business structure with two or more partners where there is still no legal distinction between the owners of a partnership and their business.

An  LLC  is a formal business structure that distinguishes the owners from the business itself.

LLCs offer the personal liability protection of a corporation with the pass-through taxation of a sole proprietorship or partnership.

It is the simplest way of structuring your business to protect your personal assets in the event your business is sued.

LLCs can be owned by one or more people, who are known as LLC “members.” An LLC with one owner is known as a single-member LLC, and an LLC with more than one owner is a multi-member LLC.

LLCs require operating agreements . Operating agreements are legal documents that outline the ownership and member duties of your LLC. This agreement allows you to set out the financial and working relations among business owners ("members") and between members and managers.

Recommended:  Learn  how to form an LLC  in your state using our free guides.

A  corporation  is a legal business entity that is owned by shareholders, run by a board of directors, and created through registration with the state.

Corporations offer limited liability and tax benefits but are required to follow more complex operating procedures than their counterpart, the limited liability company (LLC).

Ownership and Executive Team

Now it’s time to sell the single most important element in your business plan. You!

This subsection of your business plan tells readers who is in your  ownership and executive team  and outlines the accomplishments of your team.

You should include a  short profile on each member  of your ownership and executive team that will play a role in company decision making.

Who is on your ownership and executive team? What roles will each perform? What knowledge, experience, and accomplishments do you and your team bring to the table? What roles do you still need to fill, and how and when do you plan on filling them?

It is well known that many investors consider the experience and ability of the ownership and management team to be just as important as the idea itself. Do not pass over this opportunity to highlight how your knowledge, experience, and accomplishments set you up to succeed.

Also, remember that when you are writing your descriptions of your ownership team, talk about your accomplishments- as opposed to experience. Accomplishments signify that you have a track record and can get things done.

Key Personnel

This section of the business plan highlights the  key personnel associated with the business . This may include members of the management team outside of the owners and executive management, the board of directors, and any outside advisors.

Here, include profiles on each key figure associated with your company, focusing on their accomplishments and the knowledge and skill they bring to the business.

Operational Plan

The  operational plan  describes how you will operate. The processes, strategies, and resources that you will use to operate your business on a daily basis.

This includes descriptions of production (if you produce a product) or the process you will use to carry out your service. The operational plan may also include, as necessary, descriptions of your logistics and supply chain, physical resources and needs, human resources and needs, technological resources and needs, and timetables for carrying out your plan.

Production Plan or Service Description

The  production plan or service description  explains how you are going to make and deliver your product(s) or provide your service(s). Although the production plans for products and services may look slightly different, both describe how your company will operate in the day-to-day.

If you are making a product , the production plan is where you will describe the process for making the product. What are your methods of production? What are the steps in your processes? How will you ensure quality? Maintain inventory? Handle Logistics?

If you are providing a service , the production plan is where you can describe the process you go through providing that service. What are your service methods? What will your sales and customer service look like? What is the customer experience like?

Most importantly, which of these might give you an advantage over your competitors? If you have any superior methods, processes, or other advantages, make sure to highlight them in your production plan or service description.

Logistics and Supply Chain

This section of the business plan describes your logistics and where you fall within the supply chain in your industry.

If you produce a product , you should discuss how you source materials, where your materials come from, and who your suppliers are. You will also need to discuss how you handle inventory, how you warehouse, and how you distribute your product(s).

If you are a service business , you may still have to discuss how you source materials used in your service, who your suppliers are, and how you handle inventory.

Physical Resources

In this section of the operational plan, you  describe the physical resources  that you have and the physical resources that you need to acquire. Think through everything you might need. This will become important when it is time to make financial projections.

  • What facilities, machinery, equipment, and supplies do you require?
  • Do you require raw materials?
  • Who will be your primary suppliers?
  • Secondary suppliers?
  • Do you have back up suppliers and contingency plans if you cannot acquire raw materials?

Technological Resources

You should discuss the technological resources that you are developing, have, or need to create or acquire.  Technological resources may include  any software, applications, or websites that you have or will need to create, outsource, or purchase.

  • What hardware or machinery will you require?
  • What software or applications will you require?
  • Can you purchase the software and applications you need?
  • Are the software and applications you will need off-the-shelf or specialty?
  • Will you have to create the software and applications you need?
  • Do you need a website?
  • Will you create and maintain your website inside the company or have it created and maintained by someone else?

Human Resources

Here, you describe the people that are a part of your team, and the human resources that you need to add to your team, hire, or outsource. Since you have already described the ownership and management team as well as key personnel, this section is more focused on production level workers and lower management.

  • How much staffing will you need?
  • What skills will your staff require?
  • What will your staffing typically look like?
  • How will you recruit, train, and retain employees?

Goals, Milestone, and Risk

The  goals, milestones, and risks section  of your business plan is the place to outline your goals, set key milestones, and explore and explain your preparation for the risks you will face.

Goals lay the foundation  of where you intend to take your company and how you are going to get there. It is important to ascertain the short and long-term goals for your company.

Your goals should be connected to your mission and vision, your business model, and your strategic plans. They should also reflect your ambition to move the company forward and are often reflected in  key performance indicators (KPIs) , such as numbers of users and customers, revenues, expenses, retention, satisfaction, and other indicators of performance.

Here are some questions to help you develop the goals for your company:

  • When do you expect to break even?
  • What do you expect your revenue to be in one year? Three years? Five years?
  • What market share do you expect to capture in the next year? Three years? Five years?
  • Where do you plan to expand from here?
  • What KPIs do you need to achieve or improve?
  • When do you expect to implement major objectives?
  • What level of customer satisfaction do you hope to achieve?

When developing your goals, in addition to defining what your goals are, you also need to consider the  how , the  when , and the  who . First, consider  how  your goals will get accomplished? What actions need to be taken to achieve your goals? What milestones do you need to accomplish along the way?

Your  goals should also include your plan on  when  you plan on attaining each goal . Not only will your readers be curious about when you plan to achieve your goals, due dates and deadlines make for really powerful motivators.

Finally, you should also determine  who  is going to be responsible for working toward each goal. In a sole-proprietorship or startup it may be you, the business owner, or your founding team. However, as your organization grows, it will become more and more important to define who is responsible for pushing toward and achieving each goal.

SMART Goals

Your goals should be SMART:  S pecific,  M easurable,  A ttainable,  R ealistic, and  T imely.

  • Specific —  Your goals should be clear and specific. They should be narrow enough that you can determine the appropriate steps to attain them. In addition to  what , in planning your goals, do not forget to be specific about  how ,  when , and  who . How will your goals be attained? When do you anticipate achieving them? Who is going to be responsible?
  • Measurable —  Your goals should be measurable. There should be some objective metric or performance indicator by which you can tell if you have met your goals? How are you going to measure your goals? What metrics or performance indicators will you use? How will you know if you achieve your goals?
  • Attainable —  Your goals must also be realistic and attainable. For a goal to be attainable you must be able to achieve it. Do not be afraid to push yourself, but setting unrealistic goals will cast doubt on your entire business plan. Ask yourself, can your goals be accomplished? By you? What will it take to attain them?
  • Relevant —  Your goals also need to be relevant. To be relevant, they should contribute to the mission, vision, and success of your venture. Do your goals align with your company’s values? Are they within the scope of and aligned with your operational plan? Your marketing plan? Are they within the budget?
  • Timely —  Your goals should also be timely and time-bound. Their process and progress should be clearly defined and they should have a starting and ending date. Without a timeframe, there is no sense of urgency, or motivation to get started. Make your goals time-bound. How long do you expect it to take? When do you plan on getting started? When do you anticipate achieving each goal?

Milestones are important events in your venture’s growth  that mark significant change or stage of development.

Creating a list of milestones can act as a checklist of what you need to accomplish for your venture to reach its goals. They tell the story of how you are going to get from where you are to where you are going.

Milestones might include major events and accomplishments, such as:

  • Forming an LLC
  • Writing a Business Plan
  • Securing Seed Capital
  • Develop a Prototype
  • Begin Production
  • First Major Sale
  • Reach 10,000 Downloads
  • Achieve 1,000 Paying Customers

It is alright to list a few milestones that you have already completed. Or to leave them in your business plan once you complete them. Accomplished milestones show that you are making traction.

Milestones act as a signal to potential investors and other stakeholders what to expect from your venture and when to expect it. They also signal whether the venture is progressing and growing as expected.

Implementation Timeline

The  implementation timeline is where you describe where your company is in its lifespan . You should set a timeline to reach your goals and milestones. This should include a short-term timeframe as well as where you anticipate being in the long term.

This section of the business plan should not be long. A simple chart will do. You can find several free timeline templates online to plug in your milestones and the time frame you expect to achieve them.

You will also want to include a section in your business plan showing that you understand the  critical risks that your business may be subject to . The risks you will face in your business include both internal and external risks. These are any areas that expose your venture to any kind of loss- assets, customers, sales, profits, and reputation, among others.

By exploring your assumptions and identifying possible risks in those assumptions, you can show that you have assessed and are prepared to handle risks and threats that may arise. There are several tools available to analyze business risks, including  SWOT Analysis and contingency planning .

SWOT Analysis

You may want to conduct a SWOT analysis or even include it in your business plan. A SWOT analysis is an analysis of your strengths, weaknesses, opportunities, and threats.

A SWOT analysis can help you understand your industry and market, your venture, and the strategies that you should pursue.

To conduct a SWOT analysis, you will need to assess factors both inside and outside your venture.

Here is how to conduct your own:

  • What does your company do well?
  • What are your company’s advantages?
  • What do you do better than your competitors?
  • What unique or low-cost assets do you have access to?
  • What does your company not do well?
  • What are your company’s disadvantages?
  • What do your competitors do better than you?
  • What needs to be improved?
  • Where can you improve?
  • Where can you grow?
  • How can you turn your strengths into opportunities?
  • How can you turn your weaknesses into opportunities?
  • Do the trends of the industry or market represent a threat?
  • Is the number of competitors growing?
  • Do changes in technology or regulation threaten your success?
  • Do your weaknesses represent a threat?

Contingency Plans

After assessing your risks and your SWOT analysis, you should address any major threats or risks that your venture faces with contingency plans.

Contingency plans are plans to help mitigate these risks by establishing a plan of action should an adverse event happen.

Contingency plans show that you understand the threats and risks to your venture, and you have a plan in place to lessen the damage should these risks emerge. There are various ways to prepare for adverse events. One is through planning- identifying alternatives and determining the best course of action. Another is business insurance.

Business Insurance

Business insurance  protects against risk from several sources. The type of business insurance you will need varies greatly depending on the nature of your business.

While there are standard types of coverage like  general liability insurance ,  professional liability insurance ,  workers’ compensation ,  insurance for commercial property  and  commercial auto insurance , there are also insurance policies that cover specific business activities and specialized equipment.

You can bundle most of these into what is called a  Business Owner’s Policy (BOP)  by a trusted insurance provider to get you started doing business.

Financial Statements

Your  financial statements should include detailed projections of your income statement , cash flow statement, and balance sheet for the first year. You should also provide quarterly projections for the first three (or preferably five) years as well.

You also will likely need to include some sort of financial statement in your business plan. If you are a new venture, you will supply  pro forma  financial statements.  Pro forma  financial statements are simply financial projections.

Financial statements  can help you to evaluate the cash needs of your venture, determine whether your venture is feasible and desirable, compare your expected returns with the alternatives, identify milestones and benchmarks, and demonstrate the value of your venture to investors.

Financial Assumptions

Before you begin completing your financial statements, you should first sit down and  list the assumptions you will rely on to project your financial statements .

These should include projections concerning your:

  • Initial revenue level per month
  • Your growth and factors affecting growth
  • Your inventory and inventory turnover
  • And your operating expenses.

One of the  biggest mistakes new ventures make is in making unrealistic assumptions .

Remember, revenue assumptions are key assumptions in determining whether your business will be viable. However, many entrepreneurs are overly optimistic about their revenue assumptions and tend to underestimate their expenses.

In order to make more accurate financial assumptions, back up your assumptions with data whenever possible. To find data to back up your assumptions, look for things like industry averages, market trends, and comparisons with similar ventures. You should already have a substantial amount of this data from your industry and market research.

Pro Forma  Income Statements

The   income statement , also known as the  profit and loss statement , is a statement that shows the projections of your venture’s income and expenses over a fiscal year. On the income statement, you will detail your revenue and sources of revenue based on the assumptions you have made. You will also detail your anticipated expenses and use these to estimate your net income.

The typical income statement includes:

  • Revenue —  the total amount of sales, or revenue, projected to be brought in by your business.
  • Cost of Goods Sold —  the total direct cost of producing your product or delivering your service.
  • Gross Margin —  the difference between revenue and cost of goods sold.
  • Operating Expenses —  this section of your income statement details all of the expenses associated with operating your business. Common operating expenses might include rent, utilities, office
  • expenses, salary expenses, and marketing and advertising expenses, among others.
  • Total Operating Expenses —  the total of your operating expenses, excluding interest, depreciation, and taxes.
  • Operating Income —  the difference between your gross margin and operating expenses.
  • Interest, Depreciation, and Taxes —  this section of your income statement lists your non-operating expenses- expenses such as interest, depreciation, amortization, and taxes.
  • Net Profit —  the total of how much you actually made. This is calculated by subtracting interest, depreciation, and taxes from your operating income.

Pro Forma  Cash Flow Statements

The  cash flow statement  is a financial statement that shows when and where cash (and cash equivalents) flow in and out of your venture. This tells you how much cash you will have on hand at any single point in time.

  • Cash from Operating —  Cash flowing into and out of your venture from operating, beginning with “cash on hand.” Cash flowing  into  your venture from operating includes cash from sales, payments from credit sales, investment income, and any other types of cash income related to operations. Cash flowing  out of  your venture from operations, your expenses, includes costs of raw goods, materials, inventory, salary expenses, office expenses, marketing and advertising expenses, rent, interest, taxes, insurance, or any other expenses that are paid by the venture.
  • Capital Cash Flow —  Cash flow, in or out of the venture, for capital assets such as the purchase or sale of fixed assets.
  • Cash from Financing —  Cash flow from financing includes cash flowing in or out of your venture relating to venture financing activities. Inflows of cash from financing include the investments by founders or owners, any loans taken out during the period, or the issuance of any equity. The outflow of cash from financing may include the payment of the principal of any loans, along with the repurchase of any outstanding equity.

Pro Forma  Balance Sheet

The  balance sheet  is a financial statement that balances a venture's finances at a specific point in time. It describes how much the company is worth. The balance sheet uses  the  accounting equation:  assets = liabilities + equity . In fact, these are the main components of the balance sheet:

  • Assets —  Resources that hold economic value. A business's assets include current assets and fixed assets.  Current assets  are resources that can be accessed in the short term. These include cash, accounts receivable, inventory, and other currently available resources.  Fixed assets  are resources that are intended for long-term use but hold economic value. These include land and buildings, machinery and equipment, furniture and fixtures, vehicles, and other fixed resources.
  • Liabilities —  What the business owes. Like assets, a business’s liabilities are also current liabilities and long-term liabilities.  Current liabilities  are liabilities that are due within 12 months. Current liabilities include accounts payable, loans, and taxes.  Long-term liabilities  are liabilities that are due after one year. These include long-term loans, notes, and other long-term debts.
  • Equity —  What the owners or shareholders own. Equity is also composed of two parts: Capital and Retained Earnings.  Retained earnings  is the amount of profit that has been retained by the company over the life of the venture.  Capital earnings , then, is what’s left. It is what has been invested. For new ventures, this may be the founder’s or early investors’ initial investments. For larger corporations, this would be the value of their shares of stock.

Break-Even Analysis

The  break-even analysis  shows you how much you have to sell before you break even. The break-even analysis uses fixed and variable costs in order to determine the sales volume you have to attain to reach a break-even point. This is the point where your sales volume covers both your fixed costs and your variable costs.

The  break-even point  is most often expressed as a number of units. You can calculate the break-even point by dividing fixed cost by the average profit per unit (average price per unit minus the variable cost).

Break-Even Point = Fixed Costs/ Profit Per Unit (Avg. Price - Avg. Variable Costs)

You can also calculate the break-even point in terms of $ of sales. To calculate the break-even point in $ of sales, you can divide total fixed costs for the period by the contribution margin ratio (net sales minus total variable cost / net sales).

Break-Even Point ($ of Sales) = Fixed Costs / Contribution Margin Ratio Contribution Margin Ratio = (Net Sales - Total Variable Cost) / Net Sales

Startup/Funds Required

If you are writing your business plan for the purpose of seeking funding, you should conclude your business plan by describing the investment opportunity.

With your financial projections in place, you will now be able to determine the amount of startup capital or investment you require.

This is because the funding you need is highly dependent on your profit and loss, cash flow, and break-even point. With well-researched assumptions and the evidence to back them up, you are ready to make the case that your business is worth the investment and will be able to pay it back or reward investors in the future.

In this section of the business plan, you will need to explain the amount of funding you are requesting as well as describe what those funds will be used for. The startup funding request will need to cover all expenses (maybe even your own personal expenses) at least until you reach your break-even point.

Business Plan Appendices (Optional)

If you have additional evidence to support your business idea, your business model, or your ability to achieve your goals and meet your financial objectives, you may want to consider including it as an appendix to your business plan.

Additional / Optional Evidence

Owners’ Resumes —  One thing you may want to consider including in your business plan is the resume for each owner. Investors often invest as much in the startup team as they do in the idea itself. Illustrations of Product —  Another helpful appendix is pictures or illustrations of your product. These are especially helpful for new products or those which are difficult to depict with words. Storyboard of Customer Experience —  If your business is a service business, you could also consider including a storyboard depicting your customer’s experience. Customer Survey Results —  You can also include any market research that you have conducted in an appendix. Showing that you have solicited feedback from real customers or potential customers provides further credence to your venture and venture idea.

Develop Your Business Idea

Before writing your business plan, it is important to take some time to develop your  business idea .

If you are starting a new company, there are likely many details of the venture that have not been fully worked through. If you already have an existing venture, the following tools can also be useful in evaluating your business model:

  • A three-sentence business plan

The Lean Canvas

The business model canvas, three-sentence business plan.

An easy place to start is with a  three-sentence business plan . The three-sentence business plan is easy to construct, and consists of three parts:

  • your product or service
  • your market and marketing
  • your revenue model.

Your Product or Service

The first sentence of your business plan clearly yet simply states your business's primary product or service. This includes the what and the where.

Example:  “CoffeeMe is an upscale bakery and coffee shop specializing in imported coffees and international delicacies that will be located in downtown Atlanta.”

Your Market(ing)

The second sentence of your three-sentence business plan describes who your target market is and how you will promote to them.

Example:  “CoffeeMe’s target market is urban professionals living and working in downtown Atlanta, marketed and promoted through traditional advertising, company partnerships, and social media.”

Your Revenue Model

The third sentence of your three-sentence business plan explains your revenue model. How will you make money?

Example:  “CoffeeMe’s revenue model includes one-time retail sales as well as a unique subscription model featuring all-you-can-drink coffee for subscribers.”

Put it all together, and you have your three-sentence business plan:

Example:  “CoffeeMe is an upscale bakery and coffee shop specializing in imported coffees and international delicacies that will be located in downtown Atlanta. CoffeeMe’s target market is urban professionals living and working in downtown Atlanta, marketed and promoted through traditional advertising, company partnerships, and social media. Our revenue model includes one-time retail sales as well as a unique subscription model featuring all-you-can-drink coffee for subscribers.”

Another useful tool for developing your business idea is the  Lean Canvas . The Lean Canvas takes a problem-solution approach to helping you plan your business, focusing on the problems you are solving for your customers.

The Lean Canvas helps you describe and visualize your problem, solution, customers, value proposition, key performance indicators, and competitive advantage.

The steps to complete the Lean Canvas are:

  • Define your target customers or users
  • List the problems you are solving for them and how they are currently solving those problems today
  • Describe your solution
  • Explain your unique value proposition
  • Describe your revenue streams
  • Depict how you will reach customers
  • Define the key metrics that will tell if you are doing well
  • Detail your cost structure
  • Explain your unfair advantage

The Lean Canvas, created by Ash Maurya, and licensed under Creative Commons Attribution-Share Alike 3.0 Unported License:  https://leanstack.com/lean-canvas

The  Business Model Canvas  helps you describe and visualize the key aspects of your venture including your customers, value proposition, infrastructure, and revenue and cost models.

If you have already completed a Lean Canvas, you will already have several of the central parts of the Business Model Canvas complete.

The steps to complete the Business Model Canvas are:

  • Explain your value proposition
  • Describe how you interact with customers
  • List the key activities that you will need to do to deliver on your value proposition
  • List the key assets that you will need to deliver on your value proposition
  • Describe the key partnerships that you will need to put in place to deliver on your value proposition

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How to Form an LLC

Author: Brette Sember

Brette Sember

10 min. read

Updated October 25, 2023

You have a number of different options when it comes to structuring your business. You might want to consider a limited liability company, or an LLC, because in some ways you get the best of both worlds:

  • You get the benefit of personal liability protection, as you would with a corporation.
  • You keep things simple with a business that’s easier to run, similar to a partnership or sole proprietorship (for example, you aren’t required to file corporate taxes).
  • Who can form an LLC?

The good news is that just about anyone can start an LLC. You don’t need a huge company, lots of employees, or anyone but yourself (except in Massachusetts, where you need to have two owners).

The owners of an LLC are called “members” and there are no special qualifications required, but in most states, you can’t form one if you are in certain licensed professions, such as an attorney or a medical doctor. In that case, you can form a  professional corporation , or PC.

You can have as many members (owners) as you want in your LLC, but most LLCs keep the ownership small (no more than five members), since you do need to work closely with each other and have a shared vision. Be sure the members are people you trust and can work with. A good LLC is like a marriage in that way.

  • How to form an LLC
  • Create a business plan . Once you’ve decided that an LLC is a good fit for your business, you should start by creating a  business plan  (although it is not required), so that you have a roadmap for what you’re going to do and how you’re going to do it.
  • Name your business . Next, you need to do a search within your state to make sure no one else is using the same business name you have chosen (it’s confusing for everyone if there are two Bob’s Plumbing companies). Your secretary of state’s office will do the search and give you clearance if the name is available.
  • Choose a  registered agent . This is a person who will accept legal service and notifications on behalf of your LLC. It doesn’t have to be you or any other member; it just has to be someone within the state willing to accept those documents (there are registered agent companies you can contract with). Choosing someone else frees you up from having to be available for service.
  • File your articles of organization . To make your LLC official, you’ll need to fill out an articles of organization form from your state that includes the LLC name, registered agent, names of members, and other basic information. You’ll file this with the secretary of state, often in the corporation division. There will be a filing fee that is usually under $100.
  • Write an operating agreement . Use your business plan to create an  operating agreement  for your LLC. This does not have to be filed with the state, but it is an essential document you will rely on. An operating agreement includes identifying information about the company, a statement of the company’s intent, the business purpose of the LLC, the term of the LLC, how it chooses to be taxed, and how new members will be admitted, as well as other general operating provisions.
  • Comply with local requirements . Be sure to complete any local licensing or registration requirements for businesses in your county or city. In certain locations, you may be required to file a DBA (or “doing business as”) document that identifies the individuals behind the LLC.
  • Managing your LLC

Now that you’ve set up your LLC, you can get down to the business of actually running it—and that means working with the other members successfully. There are two different ways you can choose to manage your LLC:

  • Member management . In this method, the members are the ones actually doing the hands-on management. All the members vote on decisions and work in the business. This means you’ll need to have a clear business structure and defined roles. Your operating agreement should set out what each member’s responsibilities are and how the business will actually run.
  • Manager management . In this method, the members select one or more members or bring in an outside person (such as a CEO or COO) who will take on the responsibility for day-to-day management of the LLC. The members who are not in managing roles don’t actually control how the business runs. Instead, they function more like investors who have put up their money and are waiting to see their profits. Only those people who are named as managers are able to vote on management decisions and do business on behalf of the LLC.

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  • Liability protection

The main reason most people decide to form their small business as an LLC is to protect themselves from liability. An LLC shields you from liability for the company’s business debts and claims. So, if your business gets behind on a business line of credit, the bank can sue only your company and reach only your company’s assets. It can’t sue you personally or try to take your house or your car or anything you own in your own name.

You are on the hook, though, for any money you’ve invested in the LLC—because those funds belong to the LLC, but your liability is limited after that point.

  • The exceptions to the rule

LLC personal liability protection can be a great shield, but it doesn’t protect you from everything. Personal liability exceptions to LLC liability protection are the same as those faced by corporations.

You can still be personally liable as an LLC member if you:

  • Personally injure another person directly
  • Give a personal guarantee for a loan or debt for your LLC and the LLC then defaults on it
  • Do not pay the taxes your LLC withholds from your employees’ pay
  • Cause harm to the LLC or another person by intentionally doing something fraudulent or illegal

The biggest pitfall that will expose you to liability is failing to keep the LLC and your personal affairs separate. You have to take your own LLC seriously if you want other people to.

If you’re just using your LLC bank account as your own personal checking account or you don’t pay your business bills from that account, then it’s going to be clear that the LLC truly is not a separate entity. In your own mind, you need to think of it as separate and act accordingly.

  • How to separate your LLC from your life

In your mind, work is just part of your life, so it can be hard to keep your LLC separate and keep a clear line between your personal life and your company. It’s essential you do so, though, if you want to enjoy the limited liability protections.

To protect your LLC status:

  • Have an operating agreement .   Set out your business details in writing, so you and the other members are clear on your mission and your procedures and practices.
  • Bank separately .   Use a business bank account for your LLC, deposit all business checks there, and pay all business expenses out of it.
  • Fund your business . You and the other members should invest enough money so that your LLC can run itself, pay its expenses, and be financially independent.
  • Be legit . Get a federal employer identification number (EIN) for the LLC and keep a clear account of your business’s finances, so there can be no question that it is a separate entity.
  • Be honest .   Don’t misrepresent the state of your company’s finances to creditors or vendors. 
  • Business insurance

Business insurance can be an added layer of liability protection for you from your LLC. An insurance policy will cover liability that might affect you personally.

For example, if you own a hair salon and accidentally graze a client’s face with your scissors, you could be personally liable, since it is a personal act that caused harm to another person. But a good business insurance policy will cover this mistake and help protect your personal assets.

Business insurance also protects the LLC itself from lawsuits and claims. For example, if you own a landscaping business and one of your mowers accidentally hits a client’s marble stone lion and damages it, your business insurance will pay the claim. However, business insurance only covers liability for negligence—it doesn’t cover unpaid business debts.

While an LLC offers some tax advantages, you’ll still be paying taxes, and it’s important to do so on time and accurately. The LLC itself must file  IRS Form 1065  yearly. This is the same form used by partnerships and it reports each member’s share of the profits and losses from the LLC.

Learn more about how to  file your LLC taxes in this article .

Although it must file a form each year, your LLC enjoys pass-through tax liability. This means the LLC itself does not pay taxes. Instead, the LLC members are responsible for paying taxes, and each member pays their own share. So, if you have two members who are equal owners, each will be responsible for reporting half of the profits or losses for the LLC on their own personal tax returns. You’ll have to make quarterly tax payments so long as you own the LLC, so be sure to stay on top of that.

  • Closing your LLC

Should you reach the point where you’re ready to close the doors to your business, there are some steps you’ll need to take to officially end your LLC. In most states, unless your operating agreement says otherwise, when one member wants to leave the LLC, it must be dissolved. If more than one member wants to leave, you have the same result. And if you’re the sole member, it’s up to you.

If you want to avoid the problem of having to close down because one member wants out, you can include  buy-sell guidelines  in your operating agreement that set out what will happen if one member wants out, decides to retire, dies, or becomes disabled.

To close down the LLC, you need to pay off remaining business debt, fulfill any remaining obligations (such as shipping orders), and decide if you will sell business assets (such as real estate or equipment) or divide them among the members. You must pay all tax responsibilities and notify all of your creditors that you will be closing.

You must file to  dissolve the LLC  with your state as well. Then the members must divide any remaining assets or profits among themselves, in proportion to their ownership amounts. One or more members can decide to open a new LLC if they choose, and this may be the thing that makes the most sense if you’ve been forced to close down due to one member leaving.

Is forming an LLC right for me?

Only you can answer that question, after taking into consideration your business goals and financial needs—including what types of liability issues could arise specific to the services you provide.

Whether you’re a solopreneur or building a fast-growing startup, forming an LLC can be an effective way to combine business liability protection with a flexible form of organization that’s easier to manage.

When you’re ready to form an LLC, you’ll also want to decide whether to handle the filing and paperwork on your own, or to ask a provider like  LegalZoom  to help.

Content Author: Brette Sember

Brette Sember, J.D. practiced law in New York, including divorce, mediation, family law, adoption, probate and estates, bankruptcy, credit, and much more. She is the author of more than 40 books, many of them legal self-help.

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BUSINESS STRATEGIES

How to start an LLC in 8 easy steps

  • Amanda Bellucco Chatham
  • 14 min read

how to start an llc in 7 steps

Some people contemplate starting a business for decades. Others are struck with a great business idea during their two-hour commute to work. Either way, forming a limited liability corporation (LLC) can help you clarify the vision of entrepreneurship. Wherever you are on your new business journey, turning a brillixant idea into a thriving organization is relatively simple by using a business structure known as an LLC.

LLCs offer flexibility and protection to their members—and creating one is relatively straightforward. This guide covers important information about how to start an LLC, including important setup steps, a list of pros and cons of creating an LLC and the different types of LLCs to consider.

Ready to get your business off the ground? Build your business website with Wix today.

What is an LLC?

Shylene D’Addario, VP and associate general counsel at LegalZoom, sheds some light on defining this popular business structure.

“A limited liability company—or LLC —is a type of business entity that offers some of the benefits of a corporation with less formality. One key benefit of an LLC is that it can protect a small business owner’s personal assets—like homes, cars and personal bank accounts—from lawsuits against the business.”

In other words, when you start a business as an LLC, the business becomes its own legal entity, separate from you as an individual. This means that the business can acquire assets, sign leases and enter into contracts. The LLC is responsible for its own debts, so your personal assets (and the assets of all members) are kept separate and protected.

“Additionally,” says Shylene, “LLCs offer the flexibility of filing taxes as a sole proprietorship, partnership or corporation. Also, you won’t need to worry about some of the same formalities as corporations, such as keeping minutes at shareholder meetings.”

example of a licensed business

How to start an LLC in 8 steps

Once you’re ready to get the ball rolling, you can create an LLC in eight simple steps:

Decide on a business name

Determine your management structure

Designate a registered agent for your LLC

File articles of organization

Create an operating agreement

Obtain an Employer Identification Number (EIN)

Understand your state’s tax obligations

Comply with licensing and permit requirements

01. Decide on a business name

Select a name for your LLC that reflects your business's essence and is easy to distinguish from existing businesses. It should also be memorable and unique. Wix’s Business Name Generator can help with the brainstorming process here. In most states, you’re required to include some variation of the term "Limited Liability Company" in your business name (e.g., "Blue Widgets, LLC" or "Blue Widgets, a Limited Liability Company").

Once you’ve landed on some good business name ideas , check the business registration office in your state to make sure the name is available. It’s also worth mentioning that you should check domain name availability to make sure that your business name is available as a domain name. Keep in mind that you don’t need to go with a .net or .com domain—there are almost 1,600 domain extensions available, some of which are location-specific (e.g., .uk or .nz), or industry- or category-specific (e.g., .coffee or .tv). You can also go for .llc domain to really make your business stand out in the LLC world.

Learn more: Name a business , what is a domain

naming a business

02. Determine your management structure

As a business owner, you have options for how your LLC will be managed. The two most common are member-managed and manager-managed. It’s important to note that each state has its own laws regarding management structures, so make sure to check with your state’s requirements before choosing one of the following options:

Member-managed:  All members of the LLC participate in the day-to-day operations and decision-making process of the business.

Manager-managed:  Members appoint one or more managers to operate the business on their behalf. This can be beneficial if some members want to take a more passive role in running the business.

03. Designate a registered agent for your LLC

A registered agent, also called an “agent for service of process,” is a person or entity responsible for receiving legal and tax documents on behalf of your LLC. If you’re the sole proprietor, then this person is you. The registered agent needs to be in the state where the LLC is registered. This requires having a physical address in that state versus a P.O. Box.

Some business owners choose to be their own registered agents, while others work with registered agent service providers who take on the task of receiving, tracking and managing legal and other business-related documents.

Dig deeper : Learn more about how to register a business in the U.S., including the benefits, costs and steps required for launch.

04. File articles of organization

Articles of organization are required for creating an LLC and serve a similar purpose as the articles of incorporation in a C Corporation. Also referred to as "certificate of information," or "statement of information" in various states, the articles of organization are basically a list of important information about your LLC, including:

Business name

Mailing address

Purpose of the business

Members or business manager

Registered agent(s)

Relevant signatures (yours and those of your LLC’s organizers).

This foundational document for your LLC includes basic but critical information about your business. Think of it as your LLC’s birth certificate. It should be submitted to your state's business registration office, along with the required filing fees. Filing fees are generally nominal and range from about $50 to $200 depending on the state.

05. Create an operating agreement

While not always mandatory, an operating agreement is important because it helps clarify how you plan to run your business, including providing details about financing. According to the U.S. Small Business Administration , LLC operating agreements are typically between five and 20 pages long and should contain the following information:

Members’ ownership percentages

Voting rights and responsibilities

An outline of your management structure

Roles and responsibilities of all members

How profits and losses are distributed

Member voting rights

Procedures for adding or removing members

Procedures for dissolutions and buyouts

The most obvious benefit of creating an operating agreement is that it helps you avoid potential conflicts with members of the LLC. It also ensures you get started on the right foot by clarifying details like financing and the distribution of profits.

llc business website

06. Obtain an Employer Identification Number (EIN)

If the articles of incorporation are your LLC’s birth certificate, then the Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is akin to the LLC’s Social Security number. An EIN is a nine-digit number that is required for tax purposes, to open a business bank account and if you have more than one member in your LLC.

If you’re a single-member LLC, an EIN isn’t required. You can use your Social Security number, but this may make it difficult to open a business bank account since many banks require an EIN number. Having an EIN number also adds a layer of protection against fraud by keeping your personal Social Security number separate from your business. It’s free to get an EIN number from the IRS. You can apply online via the IRS’s website.

07. Understand your state’s tax obligations

Depending on your business activities and where your LLC is located, you may need to register with your state's tax department. Understanding your state tax obligations is an important part of running your business. Tax obligations vary from state to state and your specific tax responsibilities depend on the type of business you’re starting.

For example, if you sell goods, you’ll need to collect sales tax and remit this to the state. That requires registering for a sales tax permit or license with your state's Department of Revenue or Taxation. On the other hand, if you plan to hire employees, you’ll need to pay employment taxes which include unemployment insurance tax and workers’ compensation insurance. In this case, you’ll need to register with your state’s labor or employment department.

Other types of state taxes to consider include franchise or privilege taxes, state income tax, estimated tax payments and property tax (if your LLC owns real estate), plus any specialized taxes if you sell products like tobacco or alcohol. It's always a good idea to find a reliable local tax professional or accountant to help you navigate your state's tax laws.

Not sure which state to incorporate in? Understand the best states to start a business  that align with your business goals.

08. Comply with licensing and permit requirements

Certain business types require specific licenses or permits to operate legally. As with tax obligations, it’s important to fully understand which permits are required based on your business type and the state or states where you operate. Here’s a list of various permits, though this isn’t exhaustive:

Seller's permit or sales tax license : Allows you to collect sales tax for taxable goods or services.

General business license : Not required by most states with a few exceptions (Alabama, Alaska and Delaware, among others ).

Industry-specific licenses : Liquor licenses, occupancy permits and commercial fishing licenses are examples of industry-specific licenses you may need.

We can’t stress this enough: you must thoroughly research your state’s requirements around the specific business type you plan to create.

Kickstart your LLC

Ready to launch your LLC, but need a little nudge in the right direction? Or perhaps you need an experienced business attorney to offer hands-on guidance? Wix has partnered with LegalZoom to help business owners simplify the process of starting an LLC. With free and premium packages available, LegalZoom has options for every entrepreneur.

Start an LLC today with LegalZoom .

how to start an llc with legal zoom

Pros of starting an LLC

There are lots of great reasons to launch an LLC, from asset protection to tax benefits. Here are some pros of starting an LLC to consider:

Asset protection : Personal asset protection is a top reason new business owners opt for an LLC structure. If your business incurs debt, faces a lawsuit or is hit by a financial emergency, your personal assets—and the assets of any of the LLC’s members—are typically shielded from any claims.

Tax flexibility : LLCs benefit from "pass-through" taxation, which means the business itself isn't taxed. Instead, you report the business profits and losses on your individual tax return, potentially saving money on taxes versus corporations that face double taxation (e.g., when the same source of income is taxed at a corporate and personal level). Note, however, that LLCs can choose how they’re taxed: “LLCs can file as a sole proprietorship, partnership or corporation, depending on what works best for their particular situation,” says D’Addario.

Simplified management : Corporations require a board of directors, annual meetings and other formalities whereas LLCs have a more relaxed management structure. Members can decide how they want to run the business, like whether it's member-managed or manager-managed.

Credibility : Creating an official LLC adds a level of professionalism to your business. It should be part of your checklist for starting a business along with figuring out how to make a website and creating an operating budget. Many service providers, suppliers, vendors and customers prefer working with formal business entities.

Membership flexibility : LLCs offer flexibility since members can be individuals, other LLCs, trusts, corporations and other types of entities. There's also no limit to the number of members an LLC can have.

Compliance flexibility : LLCs aren’t subject to the level of rigorous state-imposed compliance requirements as other business entities, including sole proprietorships , corporations , c corporations and partnerships .

pros of starting an LLC

Cons of starting an LLC

While LLCs offer many benefits, you should understand the potential challenges and drawbacks so you can avoid unpleasant surprises. Here are some cons of starting an LLC:

Self-employment tax : Members of an LLC are considered self-employed and must pay their own self-employment tax contributions towards Medicare and Social Security. This can be a significant amount of money, especially for profitable LLCs.

Varying state rules : The fact that each state has its own LLC-related rules and regulations can make compliance challenging, particularly if your business operates in multiple states. For example, the process of how to get a business license varies from one state to another.

Limited growth potential : “Unlike corporations,” Shylene notes, “LLCs are unable to offer stock options, which may make them less attractive to investors.” This has obvious implications when it comes to growth potential and investment opportunities.

Personal assets might not be protected : “Piercing the corporate veil” is a legal term that happens when a court puts aside limited liability and holds LLC members personally liable for the LLC’s actions or debts. The good news is that courts are generally reluctant to pierce the corporate veil and only do so when serious misconduct is suspected (e.g., fraud, concealment of members, etc.)

LLC cost : Creating an LLC is typically cheaper than setting up a corporation, but it costs more than creating a DBA (doing business as) if you’re the sole proprietor. “In addition to taxes, just about every LLC is required to file an annual report, which includes basic legal information and activities from the previous year. You may owe filing and renewal fees along with your report,” says Shylene. You may also need to hire an accountant and lawyer to ensure you’re complying with state regulations and tax requirements.

Learn more: Cost to start an LLC

Types of LLCs

There are several different types of LLCs to consider including:

Single-member LLC : The simplest form of an LLC, it’s owned by just one individual. Single-member LLCs have the same personal liability protection as other types of LLCs, but they’re treated as a disregarded entity for tax purposes (the IRS views the LLC and its owner as one entity).

Multi-member LLC : As the name suggests, a multi-member LLC has more than one member. It's like a partnership with the liability protection of an LLC. The IRS treats multi-member LLCs as partnerships unless they choose to be taxed as a corporation.

Series LLC : Only available in a few states, series LLCs allow for the creation of individual series or "cells" within the LLC. Each series can have its own assets, members and business purpose. Each series is shielded from the liabilities of the other series and each unit is taxed separately.

Professional LLC (PLLC) : Designed for licensed professionals such as doctors, lawyers and accountants, a PLLC is tailored for the requirements and needs of professionals. Some states require professionals to form a PLLC rather than a standard LLC.

Low-profit LLC (L3C) : L3Cs are designed for businesses that have a primary goal of performing a socially beneficial purpose, rather than maximizing profit. L3Cs bridge the gap between nonprofit and for-profit organizations by providing a structure that facilitates investments in socially beneficial, for-profit ventures.

Anonymous LLC : Recognized only in Delaware, Nevada, New Mexico and Wyoming, Anonymous LLCs keep the owner’s personal information secret, meaning your personal information is not publicly available. You may choose to form an anonymous LLC to have increased privacy and/or protection for various reasons (e.g., lawsuits, creditors). While the owner of the LLC is anonymous, the company’s financial and business information are public.

Restricted LLC : Only available in Nevada, restricted LLCs limit ownership and management of the organization to a specific group like employees or family members, though the restrictions can change over time. The primary purpose of a restricted LLC is to transfer ownership of assets like properties and businesses while limiting profit from the LLC. Restricted LLCs provide tax benefits, especially when it comes to estate planning and gift tax.

Foreign LLC's: A foreign limited liability company (LLC) refers to an LLC that is registered and operates in a jurisdiction or country other than the one in which it was originally formed. In the context of the United States, for example, an LLC formed in one state is considered a domestic LLC in that state. If the LLC wants to operate in another state, it may need to register as a foreign LLC in that state. Similarly, if an LLC is formed in one country and wants to do business in another country, it may need to register as a foreign LLC in the new country. The specific requirements and processes for registering a foreign LLC vary by jurisdiction. Registering as a foreign LLC typically involves submitting the necessary paperwork, paying fees, and complying with the regulations of the new jurisdiction. This process helps ensure that the foreign LLC can legally operate and conduct business activities within the boundaries of the new jurisdiction.

How much does an LLC cost?

The cost of forming a Limited Liability Company (LLC) can vary based on several factors, including the state in which you're registering the LLC and the method you choose for the formation process. Here are some common expenses associated with establishing an LLC:

State filing fees:  Every state has a fee for filing the necessary documents to create an LLC. These fees can range from less than $100 to a few hundred dollars, depending on the state.

Registered agent fees:  Many states require LLCs to designate a registered agent, a person or service responsible for receiving legal documents on behalf of the LLC. Some entrepreneurs act as their own registered agent, while others use professional registered agent services, which may have additional costs.

Operating agreement:  While not required in every state, it's highly recommended to create an operating agreement for your LLC. This document outlines the ownership structure, management responsibilities and operating procedures. You can create one yourself or hire a legal professional, which may involve additional costs.

Business licenses:  Depending on your location and industry, you may need to obtain business licenses or permits. The costs for these can vary widely.

Professional services:  Some entrepreneurs choose to use online legal services or hire an attorney to help with the LLC formation process. These services come with associated fees that can range from a one-time payment to ongoing subscription costs.

Publication costs (if applicable):  In a few states, such as New York, LLCs are required to publish information about their formation in newspapers, which can incur additional costs.

It's important to research the specific requirements and fees in the state where you plan to establish your LLC. Some states have more affordable filing fees and fewer requirements, while others may have higher fees and additional obligations. Additionally, entrepreneurs should consider consulting with legal or financial professionals to ensure that they navigate the process correctly and meet all necessary legal obligations.

LegalZoom is a partner of Wix.

For more information on how to start an LLC by state

How to start an LLC in Texas

How to start an LLC in Washington State

How to start an LLC in Maryland

How to start an LLC in California

How to start an LLC in Florida

How to start an LLC in South Carolina

How to start an LLC in North Carolina

How to start an LLC in Michigan

How to start an LLC in Massachusetts

How to start an LLC in Virginia

How to start an LLC in Pennsylvania

How to start an LLC in Indiana

How to start an LLC in Tennessee

How to start an LLC in Colorado

How to start an LLC in Arizona

How to start an LLC in Louisiana

How to start an LLC in Mississippi

How to start an LLC in Wisconsin

How to start an LLC in Ohio

How to start an LLC in Georgia

How to start an LLC in Illinois

How to start an LLC in New Jersey

How to start an LLC in New York

How to start an LLC in Alabama

How to start an LLC in Missouri

How to start an LLC FAQ

Do i need an llc for my business.

The decision to establish a Limited Liability Company (LLC) for your business depends on various factors, including the nature of your business, your personal liability concerns and tax considerations. An LLC provides personal liability protection for its owners (members) and offers flexibility in terms of management and taxation. It can be a suitable choice for small to medium-sized businesses, offering a balance between the simplicity of a sole proprietorship or partnership and the formal structure of a corporation.

Is it possible to set up an LLC for free?

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How to Get an LLC and Start a Limited Liability Company

Considering an LLC for your business? The application process isn't complicated, but to apply for an LLC, you'll have to do some homework first.

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by   Diane Faulkner

Diane is a writer, speaker, and human resource consultant with over 30 years of experience working in and covering em...

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Updated on: July 29, 2024 · 11 min read

Benefits of forming a limited liability company

Steps to apply for an llc, other things to consider for your llc, is having an llc worth it.

One of the most important early decisions business owners must make is what business entity to register under. There are plenty of business entity types to choose from—a sole proprietorship, C corporation, S corporation, limited liability company (LLC), or limited liability partnership (LLP). What business structure you decide on depends on the risk you're willing to assume.

If you are looking for more liability protection than a sole proprietorship can give but are not ready to register  as a C corp or an S corp , an LLC is an excellent choice. Before you apply for LLC formation, read on to determine if it's right for you.

A man seated at a desk and a woman standing next to him look at his desktop computer as they file documents for their new LLC online.

The most significant benefit of an LLC is limited liability. According to Fareed Kaisani, an attorney with Dallas-based Platt Cheema Richmond PLLC, "This means that the owners (also known as members) are not personally liable for the company's debts or legal liabilities."

In addition to personal liability protection, "LLCs also have the option to choose how they are taxed," Kaisani says. "They can be taxed as a sole proprietorship or  partnership  (if there is more than one member), or they can elect to be taxed as a corporation," the latter of which can result in significant tax benefits.

Just choosing to become an LLC, however, is not enough. You'll need to delve further into the types of LLCs to determine the type which fits your situation.

Another benefit is that an LLC is a relatively simple and flexible structure. "Members can be foreign or U.S. individuals, partnerships, trusts, corporations, or other LLCs," explains Bianca Lindau, a corporate associate at Boston-based Caldwell Intellectual Property Law.

Foreign entities can also be LLC members. Insurance companies and banking institutions usually are not allowed to be LLCs. Check your state or the state you'll be conducting business in for additional or different regulations.

Just choosing to become an LLC, however, is not enough. You'll need to delve further into the types of LLCs to determine the type that fits your situation. "Owners of an LLC must pick the sort of LLC they want and if they want to actively participate in daily decisions and operations or prefer to be more hands-off," says Martin Gasparian, an attorney and owner of California-based Maison Law.

1. Choose one of the 5 types of LLCs

An LLC is not a one-size-fits-all legal entity. There are several types of LLCs, one of which can be split up into four categories of its own.

Let's break them down.

In general, there are:

  • Member-managed LLCs.  Owners of this type of LLC, known as members, run the company. Only a specific person or group of people can run the company.
  • Series LLCs.  This type of LLC is structured similarly to a corporation with several subsidiaries. It has a parent or umbrella LLC with one or more sub- or series LLCs underneath. "Each series LLC is separate from the others, and its liability is limited to its assets," Lindau says. Such a structure "allows risk to be segregated within separate entities without the cost of setting up new entities."
  • Restricted LLCs.  Nevada recognizes this type of LLC. With a restricted LLC, "profits cannot be distributed to the owners for at least 10 years beginning on the date of formation or conversion to the restricted LLC," Lindau says. Often used in Nevada for estate planning, a restricted LLC's main benefit is that profits aren't taxed during those 10 years but rather are paid upon distribution at a significantly lower rate due to the valuation discounts.
  • Anonymous LLCs.  The true identities of the members are not publicly disclosed with this type. States that offer this type of LLC include Delaware, New Mexico, Nevada, and Wyoming.
  • Professional LLCs.  "This type of LLC is specifically designed for professionals, such as attorneys, doctors, and architects," says Min Hwan Ahn, an attorney and founder of EZ485, which assists people with immigration and visa applications. "The protection is the same as other limited liability companies, "but with the added requirement that all members must be licensed professionals in the same field."

Member-managed LLCs get a bit more granular. They can be single- or multimember, and the multimember can be further categorized by members' relation to each other. If the members are related, the LLC can be a family LLC. If they aren't related to each other, the LLC could be called a general LLC. (Not all states recognize these unique forms of LLC.)

Once you've chosen your form of LLC, you can move on to the next step.

2. Choose a business name

Spend some time thinking about  your new LLC's name . Marketing and brand purposes are not the only considerations you must make. There are other important legal considerations as well.

The name of your business will need to include "LLC" in the name. You also must ensure your name doesn't include any restricted words as defined by your state. For example, the words "bank" and "insurance" are commonly restricted by most states. Check your state business office's website for its list of restricted words.

You must also take the time to make sure a name isn't already being used in your state. If your name is available, your state may allow you to reserve the name until you get your documentation filed. In most states, your business name will be automatically registered when you file your articles of organization, so you most likely won't have to register your name separately.

You also don't want to infringe on any existing trademarked names. The Trademark Electronic Search System offers a database of registered trademarks and prior pending trademark applications and is maintained by the U.S. Patent and Trademark Office. This step isn't required, but it's a smart business move. You don't want to end up with a name that's too similar to another business' name.

In addition to all this, you'll want to purchase your business name or some permutation of it as a domain name.

3. Register a DBA name

Once you have your name, you'll have to decide if you want to do business under that name. If you plan to run your company under a name different from your business name, you will need to  register a "doing business as" (DBA) name . Also known as an assumed or trade name, a DBA is a name different from your LLC's officially registered business name. Not all states require a DBA to be registered, so check with your state's business office to determine the process you'll need to follow if you're planning to use a DBA name.

4. File articles of organization

To create your LLC, you'll need to  file articles of organization  with your state. The articles may be called something else in your state, like articles of formation, but they're all the same thing.

Your state's business or filing office will typically have an easy-to-fill-out document you can obtain in-person or online. The information required varies from state to state, but you typically only need to provide the name and address of your LLC and the names of its members.

Once you've completed the form, file it with your state along with the filing fee. The U.S. Small Business Administration maintains a list of links to state business offices on its website. Visit the appropriate state site to obtain more information about the proper place to make your filing and enquire about the required filing fee (if any).

5. Designate a registered agent

This is a requirement in most states. A  registered agent , also known as an agent for the service of process, is the person who will receive service of process notices, government correspondence, and compliance-related documents on behalf of your business. The agent is typically one of the LLC members.

6. Draft your operating agreement

This document provides a structure for important internal business decisions. Even though it is not required in many states, it is an extremely wise move to have one because it provides clarification on key issues. The operating agreement covers matters such as the percentage of ownership among members, voting rights and responsibilities, members' powers and duties, and provisions governing the transfer of members' interests. Check with your state's business office to see if an operating agreement is required.

7. Publish a notice of formation

Some states require you to publish a notice in your local paper announcing the formation of your LLC. Check with your state's business office for information regarding the content of the notice, how many times it must be published, and any other requirements that might apply.

8. Obtain a business license and permit

Most small businesses will need some type of business license or permit. The types of licenses or permits you'll need will depend on both your state and local government requirements and the industry your business is in. Check with your city, county, and state business offices to learn what is required.

9. Obtain an EIN number

This is not always required, but many financial institutions prefer employer identification numbers (EINs) over Social Security numbers when opening bank accounts for your business. If you plan on having any employees in the future, this is actually required for you to have for federal tax purposes. Obtaining an EIN is simple and quick. Go to the IRS website to fill out a short form, and when you submit the form, you'll have your EIN. You can print out the accompanying letter, and one will also be mailed to you.

10. Open a business bank account

Once you get your business license, you'll want to open up bank accounts for your business. "Having a separate account for the business is helpful, as this gives one an overview of income and expenses, making accounting efforts and financial decision-making easier," Lindau says.

Typically, LLCs have one or more of the following:

  • Business checking:  Allows for depositing and withdrawing funds, writing checks, and making online transactions. The accounts often have fees, but they also offer various features, such as overdraft protection, merchant services, and credit cards.
  • Business savings:  This account earns interest on extra funds, though the interest rate is typically lower than personal savings accounts, but may offer more benefits for business owners.
  • Merchant services:  You'll want this account if you want to accept debit or credit card payments. This account allows you to process card payments and directly receive funds in your business checking account.
  • Business line of credit (LOC):  For short-term financing, an LOC can be handy. It allows your company to borrow funds as needed and pay them back over time like a credit card. A LOC usually requires collateral and has a higher interest rate than other types of loans.

"It's important to shop around and compare the fees, interest rates, and features of different types of bank accounts to find the best fit for your LLC's needs," Kaisani says.

State and local formation and maintenance costs should be taken into consideration when choosing to form an LLC. "There are filing fees, state fees, and ongoing costs such as annual reports, taxes, and legal fees," according to Kaisani.

Using the state of Nevada as an example, LLC formation filings cost $75. There is a 24-hour expedite fee of $125. Also included in the setup costs are the cost of the annual list ($150) and business license ($200). To have a business in Las Vegas proper or greater Las Vegas, additional fees apply. Once the state filing is completed, a general service business would pay $100 for the local business license and $50 for processing, and if the business is home-based, you can add an additional $50. There is no single price for a business license in Las Vegas.

If you plan to do business in other states, consider that you'll have to "foreign qualify" in the new state, which means additional fees.

"Another consideration is the recordkeeping involved," Kaisani says. "LLCs are required to maintain proper records and documentation, including the company's operating agreement, financial statements , and meeting minutes," which can be time-consuming and may require the help of a professional, especially for unique partnership situations. “Often, small business owners do not understand the sophistication of what they are trying to accomplish with their company agreement terms. I always recommend consulting with a licensed attorney in your state when considering forming a new company of any type."

If you plan to do business in other states, consider that you'll have to "foreign qualify" in the new state, which means additional fees. "A business owner who has formed an LLC in one state and wishes to grow into another can do so," says Gasparian. "Foreign qualification is the procedure for acquiring authorization to carry on business in the state where they intend to increase the scope of their current corporation's operations." The qualification is necessary when a firm has a physical presence or economic connection to the additional state, reaching a certain income threshold in the new state.

The IRS also has further information on forming limited liability companies.

There's no easy answer to that question. "It depends on your situation," Lindau says. "LLCs can be used for various purposes, from holding property to running a business. It's likely not worth the time and cost if the business is short-term or a one-off."

But it is worth the time and expense if you intend to grow your small business and when it is likely that your industry will deal with third parties. "However, choosing the best entity for your business," says Lindau, "should ideally be carefully and comprehensively assessed with knowledgeable counsel, considering all relevant facts and circumstances."

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

  • A business plan is a document detailing a company's business activities and strategies for achieving its goals.
  • Startup companies use business plans to launch their venture and to attract outside investors.
  • For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
  • There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

  • Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
  • Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
  • Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
  • Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
  • Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

  • Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
  • Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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7 Business Plan Examples to Inspire Your Own (2024)

Need support creating your business plan? Check out these business plan examples for inspiration.

business plan examples

Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.

Here are some real-world and illustrative business plan examples to help you craft your business plan .

7 business plan examples: section by section

The business plan examples in this article follow this template:

  • Executive summary.  An introductory overview of your business.
  • Company description.  A more in-depth and detailed description of your business and why it exists.
  • Market analysis.  Research-based information about the industry and your target market.
  • Products and services.  What you plan to offer in exchange for money.
  • Marketing plan.   The promotional strategy to introduce your business to the world and drive sales.
  • Logistics and operations plan.  Everything that happens in the background to make your business function properly.
  • Financial plan.  A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
  • Executive summary

Your  executive summary  is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.

In this  free business plan template , the executive summary is four paragraphs and takes a little over half a page:

A four-paragraph long executive summary for a business.

  • Company description

You might repurpose your company description elsewhere, like on your About page, social media profile pages, or other properties that require a boilerplate description of your small business.

Soap brand ORRIS  has a blurb on its About page that could easily be repurposed for the company description section of its business plan.

A company description from the website of soap brand Orris

You can also go more in-depth with your company overview and include the following sections, like in the example for Paw Print Post:

  • Business structure.  This section outlines how you  registered your business —as an  LLC , sole proprietorship, corporation, or other  business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
  • Nature of the business.  “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
  • Industry.  “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
  • Background information.  “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
  • Business objectives.  “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
  • Team.  “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”

Your  mission statement  may also make an appearance here.  Passionfruit  shares its mission statement on its company website, and it would also work well in its example business plan.

A mission statement example on the website of apparel brand Passionfruit, alongside a picture of woman

  • Market analysis

The market analysis consists of research about supply and demand, your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan. 

Here’s an example  SWOT analysis  for an online tailored-shirt business:

A SWOT analysis table showing strengths, weaknesses, opportunities and threats

You’ll also want to do a  competitive analysis  as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:

  • Target customers
  • Unique value add  or what sets their products apart
  • Sales pitch
  • Price points  for products
  • Shipping  policy
  • Products and services

This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post:

An example products and services section from a business plan

  • Marketing plan

It’s always a good idea to develop a marketing plan  before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.

The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing  marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.

  • Logistics and operations plan

The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.

Ecommerce brand  Nature’s Candy’s financial plan  breaks down predicted revenue, expenses, and net profit in graphs.

A sample bar chart showing business expenses by month

It then dives deeper into the financials to include:

  • Funding needs
  • Projected profit-and-loss statement
  • Projected balance sheet
  • Projected cash-flow statement

You can use this financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.

A sample financial plan spreadsheet

Types of business plans, and what to include for each

A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:

  • Executive summary: truncated
  • Market analysis: summarized
  • Products and services: summarized
  • Marketing plan: summarized
  • Logistics and operations plan: summarized
  • Financials: summarized

A startup business plan is for a new business. Typically, these plans are developed and shared to secure  outside funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example.

  • Market analysis: in-depth
  • Financials: in-depth

Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.

A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.

  • Market analysis: comprehensive outlook
  • Products and services: for launch and expansion
  • Marketing plan: comprehensive outlook
  • Logistics and operations plan: comprehensive outlook
  • Financials: comprehensive outlook

Feasibility

Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.

Set yourself up for success as a business owner

Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your  business model .

Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.

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Business plan examples FAQ

How do i write a simple business plan, what is the best format to write a business plan, what are the 4 key elements of a business plan.

  • Executive summary: A concise overview of the company's mission, goals, target audience, and financial objectives.
  • Business description: A description of the company's purpose, operations, products and services, target markets, and competitive landscape.
  • Market analysis: An analysis of the industry, market trends, potential customers, and competitors.
  • Financial plan: A detailed description of the company's financial forecasts and strategies.

What are the 3 main points of a business plan?

  • Concept: Your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
  • Contents: Your content should include details about the products and services you provide, your target market, and your competition.
  • Cashflow: Your cash flow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.

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4226 central ave, saint petersburg, fl 33711.

MARINA A BARKOV is a covered recipient physician received a payment as recorded by Centers for Medicare & Medicaid Services (CMS). The payment record number is #738634449. The recipient business address is 4226 Central Ave, Saint Petersburg, FL 33711. The company making the payment is GlaxoSmithKline, LLC. .

Payment Recipient Details

Covered Recipient Type Covered Recipient Physician
Physician Name MARINA A BARKOV (#126085)
Recipient Business Address 4226 Central Ave

FL
Physician Primary Type Medical Doctor
Physician Specialty Allopathic & Osteopathic Physicians
Internal Medicine
Physician License State FL

Company Making Payment Applicable Manufacturer or Group Purchasing Organization (GPO)

Submitting Company Name GlaxoSmithKline, LLC.
Paying Company Name GlaxoSmithKline, LLC. (#100000005449)

Payment Details

Record ID 738634449
Program Year 2020
Payment Date 2020-09-12
Payment Publication Date 2022-01-21
Payment Total Amount $17.35
Number of Payments Included 1
Form of Payment or Transfer of Value In-kind items and services
Nature of Payment or Transfer of Value Food and Beverage
Physician Ownership Indicator No
Charity Indicator No
Delay in Publication Indicator No
Dispute Status for Publication No
Related Product Indicator Yes
Covered or Noncovered Indicator 1 Covered

Associated Product (1)

Name of Product TRELEGY ELLIPTA
Type of Product Covered
Drug, Biological, Device or Medical Supply Drug
Product Category or Therapeutic Area RESPIRATORY
Drug or Biological (NDC) 0173-0887-14

Payments History From GlaxoSmithKline, LLC. to MARINA A BARKOV

Program YearPayment TypeTotal Amount of PaymentsNumber of PaymentsNature of Payment
2020General17.351Food and Beverage
2014General20.321Food and Beverage

Recipient Information

Physician information.

Physician Name MARINA BARKOV
Address 4226 Central Ave

FL
UNITED STATES
Primary Specialty Allopathic & Osteopathic Physicians
Internal Medicine
License State FL

Recipients with the same physician

Recipient NameAddressCompany Making PaymentPayment Total AmountPayment Date
4226 Central Ave, St Petersburg, FL 33711-1140Eisai Inc.20.132020-10-23
4226 Central Ave, Saint Petersburg, FL 33711Novo Nordisk Inc24.602020-08-21
4226 Central Ave, St Petersburg, FL 33711Pfizer Inc.18.212020-10-30
4226 Central Ave, St Petersburg, FL 33711-1140Allergan, Inc.16.512020-02-14
4226 Central Ave, Saint Petersburg, FL 33711Abbott Laboratories18.012019-05-02
4226 Central Ave, St Petersburg, FL 33711Gilead Sciences, Inc.22.622018-03-09
4226 Central Ave, St Petersburg, FL 33711Lilly USA, LLC18.342020-12-04

Payments History Paid to MARINA A BARKOV

Program YearPayment TypeTotal Amount of PaymentsNumber of Payments
2020General188.0810
2019General95.595
2018General98.045
2016General18.251
2014General165.3511

Company Information

Submitting Company Name GlaxoSmithKline, LLC.
Company Making Payment GlaxoSmithKline, LLC.

Recipients with the same company

Recipient NameAddressCompany Making PaymentPayment Total AmountPayment Date
3900 Reservoir Rd Nw, Washington, DC 20007GlaxoSmithKline, LLC.258947.502020-12-31
450 Brookline Ave, Boston, MA 02215GlaxoSmithKline, LLC.216172.812020-12-31
1945 State Route 33, Neptune, NJ 07753GlaxoSmithKline, LLC.14.762020-12-30
308 S Main St, Northville, MI 48167GlaxoSmithKline, LLC.17.962020-12-30
1770 S Federal Blvd, Denver, CO 80219GlaxoSmithKline, LLC.32.532020-12-30
727 N Beers St, Holmdel, NJ 07733GlaxoSmithKline, LLC.14.762020-12-30
1621 Front St, Henderson, NE 68371GlaxoSmithKline, LLC.3600.002020-12-29
2940 E Banner Gateway Dr, Gilbert, AZ 85234GlaxoSmithKline, LLC.4200.002020-12-29
2310 Eastchester Rd, Bronx, NY 10469GlaxoSmithKline, LLC.27.962020-12-30
1935 Howell Mill Rd Nw, Atlanta, GA 30318GlaxoSmithKline, LLC.19.722020-12-30

Payments History From GlaxoSmithKline, LLC.

Program YearPayment TypeTotal Amount of PaymentsNumber of Payments
2020Research105464702.3315471
2020General16876227.55189838
2019Research91546904.1112822
2019General16594946.76267227
2018Research98009930.3713045
2018General8939475.24323097
2017Research94833966.8714021
2017General10950382.64336096
2016Research95656614.2314766
2016General30577439.24420514
2015Research110494631.0422431
2015General36047535.15402051
2014Research180259674.4325034
2014General37258215.90310519

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Do you have more infomration about Marina A Barkov ? Please fill in the following form.

Dataset Information

This dataset includes 5 million payments made by drug and medical device companies to physicians and teaching hospitals, provided by the U.S. Centers for Medicare & Medicaid Services, in accordance with the statutory authority in Section 1128 G of the Social Security Act. CMS has an impartial role in the collection and reporting of data regarding payments or other transfers of value pursuant to Open Payments. Each payment is registered with recipient physician name, business address, teaching hospital, paying company and payment date.

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What Is A Limited Liability Company (LLC)? Definition, Pros & Cons

Chauncey Crail

Updated: Jun 5, 2024, 4:41pm

What Is A Limited Liability Company (LLC)? Definition, Pros & Cons

An LLC, or limited liability company, provides business operators the protections usually only afforded to corporations and the simplicity often only available to sole proprietorships. LLCs offer legal protection of personal assets and pass-through taxation through a separate entity that isn’t limited to a specific number of shareholders or heavy regulation.

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What Is an LLC?

A limited liability company, or LLC, is a U.S. legal entity used to own, operate and protect a business. LLCs provide the same legal and financial protections corporations do but can be simpler to operate.

What Are the Benefits of an LLC?

Other common forms of businesses, including corporations, general partnerships and sole proprietorships, offer various benefits, but the LLC entity combines the advantages of each structure.

Asset Protection

The main advantage to an LLC is in the name: limited liability protection. Owners’ personal assets can be protected from business debts and lawsuits against the business when an owner uses an LLC to do business. An LLC can have one owner (known as a “member”) or many members. Businesses as well as individuals can be members of an LLC.

Taxation Options

LLCs also provide more flexibility than other business types as to how taxation functions. LLCs are automatically taxed as either a sole proprietorship or partnership, depending on whether there’s one member or multiple members. Members report their share of business income and expenses on their personal tax return and pay personal income tax on profits. Members who work in the business are considered self-employed and also must pay self-employment (Medicare and Social Security) taxes on their share of the profits.

If the entity wishes not to be taxed as a sole-proprietorship or partnership, the LLC can also elect to be taxed as an S-corp or C-corp. Corporate taxation allows LLC owners to be paid as company employees, participate in company benefit programs and potentially save on taxes. A C-corp pays corporate tax and its owners pay tax on distributions they receive. An S corp is a pass-through entity–it doesn’t pay corporate tax but each owner pays personal income tax on their share of the company’s profits. But not all LLCs qualify for S Corp . taxation–they must meet IRS requirements .

Versatility

LLCs are not required to have annual shareholder meetings or maintain a board of directors, nor are they bound by the administrative requirements often seen with corporations. Instead, an LLC’s members may organize how they like: Members or managers may manage the business’s operations as they see fit.

Legal Name and Credibility

State law usually doesn’t allow you to form a new business with the same name as an existing one. When you form an LLC, you gain the exclusive right to use your name as a business entity name in your state, and you also create a public record of your use of the name. The LLC moniker at the end of a company’s name can also lend credibility to a small business.

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Profit Sharing Flexibility

One advantage a multi-member LLC has is the ability for members to decide how to share profits. Corporations issue dividends on stock according to the number of shares owned, and partnerships normally split profits among partners, but an LLC can elect how its profits are shared, not shared or otherwise distributed. Beware, however, that IRS rules about special allocation of profits may require profit sharing to reflect ownership percentages or legitimate economic need or circumstance—and not be some attempt to avoid paying taxes.

What Are the Disadvantages of an LLC?

The first major disadvantage to an LLC, especially for smaller businesses, is cost.

LLCs are formed and registered at the state level, so the process—and the associated fees—can vary slightly from place to place. Setting up an LLC may cost a few hundred dollars. Many states require LLCs to file annual reports and pay annual fees and taxes that can vary between $10 and $800 or more.

While LLCs have “members” who own the business, an LLC does not issue stock in the same way a corporation does. Membership in an LLC isn’t as easy to transfer from one party to another as corporate stock is. In the absence of a contrary provision in an LLC’s operating agreement, some states require an LLC to be dissolved any time there is a change in ownership. Because of this, many businesses find a corporation’s structure more friendly to outside investment. LLCs offer serious flexibility when it comes to how a business can organize, manage and run its affairs, but those businesses with major outside investment requirements may find another structure more conducive to those forms of funding.

Start A Limited Liability Company Online Today with ZenBusiness

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Should I Form an LLC?

Forming an LLC offers major benefits for most small to medium business owners. Registering and operating as an LLC will provide business owners legal protection for personal assets, credibility and a long list of other advantages usually only found spread throughout a number of other business structures.

LLC Formation Costs

LLC registration and filing costs vary by state, as do taxes levied on LLCs. Hiring a lawyer to form an LLC can often be pricey, but may be necessary for those businesses with more complicated structures or many members. In most states, it costs between $50 and $200 to start an LLC, but a few states have fees as high as $500. You’ll have additional costs if you hire someone to help you with the process or act as your registered agent.

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Frequently Asked Questions About LLCs

What is a foreign limited liability company.

A foreign LLC simply refers to one that operates in a different state than the one it was formed in. This is especially common for businesses located in cities close to state lines, where they may want to expand across the border. Operating in multiple states may make the LLC obligated to register documentation, pay taxes, and obtain other licenses in each state. And since each state has its own laws for governing LLCs, the business must make sure they stay in compliance with all of them.

Do I need to hire a lawyer to register an LLC?

No. Filing and registering an LLC with any given state does not require an attorney. For more complicated business structures and those who want to ensure no mistakes are made, hiring a lawyer may be advisable. Generally, however, forming an LLC does not specifically require hiring a lawyer. If you do want legal assistance at an affordable rate, consider using one of the best LLC services .

Is an LLC the same thing as a corporation?

An LLC offers some benefits of a corporation and vice versa, but an LLC and a corporation are two different business entities and are not the same thing. Learn more about LLCs vs corporations to determine which structure is best for your business.

What kind of tax flexibility does an LLC provide?

LLCs can be taxed as sole proprietorships, partnerships, C corporations or S corporations. This choice allows members of an LLC to minimize their tax burden.

Is it possible to set up an LLC for free?

While the cost to register an LLC varies by state, there is a fee to register in every state. So, while there are some companies that advertise “free” LLC formation, what this really means is that the company will fill out the LLC paperwork for you for free. But again, you will still be responsible for the state’s filing fee.

Is an LLC different from having liability insurance?

An LLC is not a commercial liability insurance policy and does not offer the same benefits. While an LLC protects you from personal liability from most business debts, liability insurance can protect you in the event someone claims your business caused an injury or property damage. Liability insurance for a business is also advisable in addition to the legal protections personal assets may receive from an LLC business structure.

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Chauncey grew up on a farm in rural northern California. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. He remains most at home on a tractor, but has learned that opportunity is where he finds it and discomfort is more interesting than complacency.

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Trucking firm Pride Group to be wound down and assets sold after $1.6-billion restructuring plan fails

llc business plan

A transport truck carries a cargo container at port in Vancouver, on July 14, 2023. DARRYL DYCK/The Canadian Press

Pride Group Holdings Inc., once a fast-growing Canadian trucking conglomerate, is set to be wound down after efforts to restructure its $1.6-billion Canadian debt load failed – an attempt complicated by the effects of a freight recession and allegations of financial irregularities.

In March, Mississauga-based Pride filed for creditor protection after defaulting on more than 40 loans, and pleaded for time to restructure instead of being forced to liquidate. The request was initially granted by the Ontario Superior Court of Justice.

But in a new report filed Thursday, Ernst & Young LLP, Pride’s court-appointed monitor, said it “no longer views a going-concern restructuring plan as a feasible option given the lack of stakeholder support for it.”

Provided it can obtain financing to facilitate this proposal, E&Y will “move forward with a centralized, coordinated and controlled disposition and wind-up of the remaining Pride Entities assets.”

In the spring, when Pride requested a restructuring, it argued that a liquidation would result in “thousands of trucks being sold on the market at once, which would decimate the value of trucks across the North American market.”

In response, the court gave Pride, which was founded by brothers Sam and Jasvir Johal in 2010, two months to come up with a plan. The company also arranged interim financing, known as debtor-in-possession, or DIP, financing, to fund its operations in the meantime.

Pride’s restructuring plan was presented in early June, which called for selling some assets and re-working the business in order to continue on as a leaner company, and Pride had been working with this goal in mind.

On Aug. 1, however, all parties involved in the restructuring were told the DIP lender would not provide any more money, sending the plan into chaos. Seven days later, E&Y recommend a full wind-down.

The court-appointed monitor is also asking a judge to approve the hiring of Nations Capital LLC as an adviser for the wind-down. NCI recently advised Yellow Corp. after the trucking firm filed for bankruptcy protection with US$1.2-billion in debt. Yellow’s sale process was one of the largest dispositions of commercial and industrial equipment ever.

Pride’s restructuring has been complex from the very beginning . In a strong market, its trucks could be sold or re-leased to a competitor, but that isn’t very feasible for any operator in the current environment. After interest rates jumped, consumer spending and, notably, home building and renovations dropped – both of which are key sources of trucking industry demand. The cost of financing a truck has also soared.

As well, Pride’s business model is built around leasing trucks to independent operators, and this segment of the sector has been one of the hardest hit. In addition to falling demand, an oversupply of independent truck drivers has meant shipping rates dropped sharply – and those rates often are not enough for drivers to cover their lease payments.

Because Pride is a conglomerate, it gets hit from all sides. One division, for instance, sells new and used trucks, while another leases trucks to independent drivers and provides them with financing.

In the spring, the company had also disclosed in court filings that a group of bank lenders, led by Royal Bank of Canada, discovered a number of alleged financial irregularities. These allegations made any restructuring even more unusual.

In court filings, Pride said an adviser it had hired found that some of its trucks were being financed by more than one lender, without the lenders knowing. Because of this, multiple lenders had competing claims against the same collateral as the company tried to restructure.

The adviser also found that Pride took out loans to purchase new vehicles, but then didn’t make the purchases or repay the funds.

Mitsubishi HC Capital Canada Inc., one of Pride’s major lenders, is also suing the Johal brothers and alleging fraud.

Late last year, Pride alerted Mitsubishi to some registration issues, such as multiple trucks being assigned as collateral to multiple lenders, but claimed it was the result of bookkeeping issues and promised governance reforms. In an Ontario lawsuit, Mitsubishi said it has since done more due diligence and found a systemic problem.

“Through further investigation following Pride’s initial admissions, Mitsubishi has learned that Pride and the defendants have employed various related methods of fraudulently defeating or diminishing Mitsubishi’s ownership and security interests in leases, trucks and equipment in a manner known as ‘double VINing,’” the lender alleged. (VINs are vehicle identification numbers.)

Mitsubishi is suing the Johal brothers because they personally guaranteed some of the money borrowed. In total, the lender is owed $93-million in Canada for direct loans to Pride and another $255-million for financing leases that are packaged and sold off.

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Paramount to cut 15 percent of u.s. workforce in major layoff plan.

The company is also exploring “potential strategic partnerships” for Paramount+ and is reevaluating its portfolio with an eye to improving its balance sheet. 

By Caitlin Huston

Caitlin Huston

Business Writer

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Paramount Global's headquarters in New York.

Paramount continued to push forward on its $500 million cost-savings plan and goal of reaching sustained profitability in streaming by 2025, in the company’s first earnings report since the Skydance deal was announced. 

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Paramount tv studios shutting down amid major restructuring, layoffs, nickelodeon, paramount+ marketing exec sabrina caluori exits.

Paramount Global had 21,900 employees worldwide as of the end of 2023, but eliminated an estimated 800 positions in February.

The company is also exploring “potential strategic partnerships” for Paramount+ and is in active discussion with “multiple parties” in an effort to reach sustained profitability on the service. Management said this could include licensing as well as joint ventures or partnerships. Paramount is also reevaluating its portfolio with an eye to improving its balance sheet. 

“The set of assets that make up Paramount Global today were built up through the rise of linear and while we have strong brands and businesses, we must reshape our portfolio to best compete in the future,” said Paramount co-CEO Chris McCarthy. “The assets under consideration are undeniably strong with exciting futures ahead, but will be better served on their own or as the centerpiece of another business.”

The $500 million is included in the $2 billion of cost efficiencies identified by Skydance. In connection with these actions, Paramount expects to incur a restructuring charge of approximately $300 million to $400 million in the third quarter, with the cash impact occurring over the next several quarters.

In the company’s second-quarter earnings report, Paramount reported direct-to-consumer revenue up 13 percent year-over-year to reach $1.8 billion and an adjusted profit figure of $26 million, after a loss of $424 million a year ago. The change in income was attributed to the revenue growth and lower costs for marketing and content.

Overall, Paramount reported an operating loss of $5.3 billion, after a loss of $250 million a year ago. The company attributed the change to a “goodwill impairment” charge of $5.98 billion for its cable networks reporting unit, which comes amid the estimated company market value for Paramount amid the Skydance offer and a decline in pay TV.

Revenue fell 11 percent year-over-year to $6.8 billion, with a 17 percent drop in revenue in the company’s TV Media division and an 18 percent drop in filmed entertainment. The drop in TV revenue was largely attributed to fluctuations in licensing revenues, which dropped 48 percent, as well as declines in the linear advertising market.

While helped by the releases of IF and A Quiet Place: Day One , theatrical revenues suffered by comparison to the release of Transformers: Rise of the Beasts in the prior year.

Within the company’s streaming segment, subscription revenue grew 12 percent, which the company said was driven by year-over-year subscriber growth and pricing increases for Paramount+, while advertising revenue rose 16 percent, due to growth in Paramount+ and Pluto TV. Paramount+ revenue is up 46 percent year-over-year.  

On July 7, Shari Redstone agreed to sell control of Paramount Global to a consortium led by Skydance, the production company helmed by David Ellison, and Gerry Cardinale’s RedBird Capital.

If a serious bidder emerges, the go-shop period can be extended to Sept. 5, per the filing. However, if Paramount does not choose to go with the Skydance offer, it will be forced to pay a $400 million breakup fee. If the transaction is approved, it is expected to be completed in the first half of 2025.

In the interim, Paramount co-CEO Brian Robbins said the company is consulting with Skydance on “very specific, limited things,” but that the company has been supportive of their strategic plan.

“Our strong performance in Q2 demonstrates that we are delivering on our strategic priorities. We are proud of our results, including significant earnings growth largely driven by our DTC segment. In fact, for the fourth year in a row, Paramount+ is leading the industry in domestic sign-ups driven by our big broad hit TV series and blockbuster films. DTC profit growth for the past four quarters has totaled nearly $900 million and we are on track to reach domestic profitability for Paramount+ in 2025,” the company’s co-CEOs, George Cheeks, Chris McCarthy and Brian Robbins, said in a statement.

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‘Full-circle’ moment: Asian American journalists get engaged while co-emceeing gala

Jason Nguyen surprised Rosie Nguyen during the closing of the Asian American Journalists Association annual convention

llc business plan

Public proposals are commonplace. Jumbotrons at sporting events often display variations of “Will you marry me?” as spectators await the answer to The Question.

“When you see those proposals, it’s kind of like … been there done that. And you wish there was more creativity involved,” said Howard Chen, an ESPN producer who played an integral role in pulling off a surprise for two longtime friends last week at the Asian American Journalists Association convention in Austin.

Toward the end of AAJA’s gala banquet Saturday, at which Connie Chung was honored with a lifetime achievement award , co-emcee Jason Nguyen — with Chen’s help — proposed to his co-emcee, Rosie Nguyen.

“I had no idea — ZERO — that before we were about to say goodbye, he was going to get down on one knee,” Rosie Nguyen, the race and culture reporter for KTRK in Houston, posted Monday on Facebook.

Jason, senior investigative producer at KPRC, enlisted a small circle of AAJA members and staff to help him keep the proposal under wraps. “There was no reason to say no!” said Naomi Tacuyan Underwood, AAJA’s executive director. Chen’s biggest role was ensuring that Rosie’s family could witness the moment via FaceTime.

The Nguyens, whose shared last name means they have often joked that they are unrelated, met in 2014 as pageant co-emcees in Salt Lake City. “He snatched my dream of becoming the first Vietnamese reporter” in that TV news market, Rosie posted last year on Facebook.

They reconnected in 2016 when Jason was working in Portland, Oregon, and Rosie was in Eugene. In 2018, she returned to her hometown of Salt Lake to report at Jason’s former station, KTVX. A year later, Jason (then in Chicago) followed Rosie to Utah, where KTVX hired him as an investigative reporter.

When AAJA invited the Nguyens to co-emcee this year’s gala, Jason started thinking that because they met as co-emcees — and have been together as a couple for six years — that their relationship would come “full circle” if he proposed while they were onstage.

“Journalism brought us together, and journalism is what has kept us together,” Jason said. Plus he liked the idea of having their peers witness an important moment in their lives.

Jason, who had been standing next to Rosie at the lectern, led her toward center stage as the gala began to conclude. People in the room began to suspect they were exchanging more than usual emcee banter, especially after Jason said he had talked with Rosie’s family and Chen appeared onstage with Rosie’s mother and sister on video chat.

Jason said he had talked with their families and even their dog, Dug (“every time she was gone, I would practice (the proposal) with Dug”). Scores of journalists in the room held their camera phones aloft to capture the moment when Jason got down on one knee. As Rosie said yes, the cheers around the room were deafening.

“No matter how many times I watch that video, there’s emotions that come up in my eyes,” Chen said.

The question now is whether they will have their wedding reception at next year’s AAJA convention.

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Opinion | When will Kamala Harris meet the press?

Eventually, Harris will have to sit down for a one-on-one interview or press conference. But, so far, not doing so hasn’t hurt her.

llc business plan

Did Tim Walz discriminate against white people over COVID-19 treatments? Claims of such distort his plan

Minnesota’s health department had a centralized program to refer patients for monoclonal antibody treatments based on clinical need

llc business plan

Opinion | Donald Trump returned to X and Elon Musk greeted him with open arms

In an ‘interview’ delayed due to technical glitches Monday night, Musk teed up Trump to say pretty much whatever he wanted

llc business plan

Journalists should be mindful of evangelical Latinos’ impact on this year’s election

Analysts cite a variety of reasons why some Latino voters are switching to support a Republican candidate for president

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    How to form an LLC Create a business plan. Once you've decided that an LLC is a good fit for your business, you should start by creating a business plan (although it is not required), so that you have a roadmap for what you're going to do and how you're going to do it. Name your business.

  10. How To Start an LLC in 8 Easy Steps

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  11. LLC (Limited Liability Company)

    A limited liability company (LLC) is a type of business entity you can register in your state. The main purpose of an LLC company is to limit the personal liability of its owners—like a C or S corporation—but it also allows the business to operate with simpler rules and more flexible tax requirements.

  12. Simple Business Plan Template (2024)

    Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. Get started here.

  13. Free Business Plan Template & FAQs

    Using our Business Plan template you can build a professional plan, specific to your state, with minimal effort if you know your business well. You can even customize this Business Plan sample to include details about the company, product, or service, and provide information on the market, forecasts, and financial analyses.

  14. How to Get an LLC and Start a Limited Liability Company

    How to Get an LLC and Start a Limited Liability Company Considering an LLC for your business? The application process isn't complicated, but to apply for an LLC, you'll have to do some homework first.

  15. How to Start an LLC

    Need to create an LLC? ZenBusiness can get your limited liability company set up quickly and easily for only $0 plus state fees. Limit your liability today.

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    Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...

  17. 7 Business Plan Examples to Inspire Your Own (2024)

    Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.

  18. How to Setup an LLC

    We chose to setup our LLC with @Tailorbrands for @Wildflowericecreamshop Follow our journey to $1M#saintpetersburg #icecream #smallbusiness

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    I.T. Consulting St Petersburg LLC is a small business received COVID-19 Economic Injury Disaster Loan (EIDL) from U.S. Small Business Administration (SBA), Office of Disaster Assistance. The approved date is August 4, 2020. The loan face value is $150000.00.

  20. Marina A Barkov · GlaxoSmithKline, LLC. · 4226 Central Ave, Saint

    Marina A Barkov received a payment (Record# 738634449) as recorded by Centers for Medicare & Medicaid Services (CMS). The payment company is GlaxoSmithKline, LLC.. The payment date is September 12, 2020.

  21. Plan your business

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  22. SCALE DOWN

    Specialties: A Texas Telemed Weight Loss Clinic located in Plano, Texas, allows you weight loss medication injections shipped directly to your door. This FDA approved weight loss medication is safe and affordable. Call and meet with our doctor who will go over your needs and get you started on a fast and safe weight loss plan. We offer semaglutide, GLP1, tirzepatide similar to Ozempic, Wegovy ...

  23. What Is An LLC? Definition, Pros & Cons

    What Is an LLC? A limited liability company, or LLC, is a U.S. legal entity used to own, operate and protect a business.

  24. Trucking firm Pride Group to be wound down and assets sold after $1.6

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  26. Ground breaks on West Dennis farm expansion, new restaurant plan

    Pelham Farms LLC bought the 2.5-acre Main Street property in October 2020. In July 2021, the corporation bought seven acres at 39 Indian Pond Road.

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  28. SVB Bankruptcy Plan Approved, But $2 Billion FDIC Fight Lingers

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    2024 Elections. 55 Things to Know About Tim Walz, Kamala Harris' Pick for VP The governor of Minnesota had a career in the National Guard and as a high school teacher before he got into politics ...