1) provides details on the business you are going to have, 2) explains why you chose the business structure that you did, 3) explains ethical dilemmas you may encounter in starting this business, and 4) discusses potential legal issues of which you must remain aware. A analysis of potential legal issues will explain what the potential legal issue is, when it might occur, how you could keep the legal issue from happening, and the consequences (i.e. legal, financial, etc.) of failing to identifying the problem before it occurs.

For details on your business, be sure to include the following:

• Business name
• Location
• Legal structure (sole proprietorship, LLC, S Corporation, or partnership)
• Mission statement
• Description of products and services and how they meet the needs of the marketplace
• Target market (who will buy your product or services)
• Competitive advantage (what sets you apart in the marketplace to allow you to succeed)
• Objectives and goals (plans for growth)