There are various types of businesses and types of plans that you could chalk out for getting the proper result and feedback from your business. A business plan is basically a document, incorporating things like market research, operational requirements, promotional strategies, and the financial projections. The plan is mainly used to raise capital, reorganize the actives and resources and preparations for the final sell out as well.
A strategic management plan focuses on the on the management personnel and its main team. I may incorporate the procedure, manuals of how the operations should take place, policy and the organizations. It fits mainly into the operational aspects where all the staff requirements. And all the management philosophy is made.
Amongst the many kinds of businesses and business organizations that are in the UK are Partnership, Private Limited Company, Public Limited Company, Franchise and Sole Trader are the most common ones. Out of the many important decisions that any business owner has to face, whenever they start any new business is to decide as to what structure the business will consist have, of what kinds it will be. The decision would include many things like
How much capital you would be needing
Total number of people you would be keeping or employing
The way you distribute the earnings
Any assumptions of liabilities
Time you would be taking to operate the business
Legal restrictions, if any.
The types of business you start
Let's talk about a few types of Businesses and their Advantages and Disadvantages
There are different types of partnerships. The tow common ones are general partnerships and limited partnerships. Through an oral agreement, two or more people can easily form a general partnership. Though it is not recommended that an oral agreement should be started, instead with the help of an attorney, you should draw up the legal documents. The fees for this would be high as compared to a sole proprietorship. But with this legal partnership you will be able to dissolve any future disputes regarding business. A major disadvantage is that the partner can be help responsible for the deeds and actions of the other partners, including his own.
Things included in a Partnership Agreement are as follows
Duration of the partnership
Compensation for all the partners
The division of profit and loss
Type of business
The share or investment of each partner in the business
Settlement clause for all kinds of disputes
Distribution of assets in case of partnership getting dissolved
Some provision for partnership dissolution
Some provision for