Before starting the company and industry component of the business plan, correct any weaknesses or problem areas in Part $1.$ The Company and Industry Component In this section, provide information about the background of the company; choice of legal business form; information on the products or services to be offered; and a description of potential customers, current competitors, and the businesss future. Refer to Chapter $4,$ Choosing a Form of Business Ownership, and Chapter $5,$ Small Business, Entrepreneurship, and Franchises. Both chapters should help answer many questions in this section of the business plan. Specifically, the content regarding: Partnerships, types of partners, the partnership agreement, and advantages and disadvantages of partnerships The corporate form of ownership and its advantages and disadvantages Other types of business ownership A profile of the small$-$business sector, industries that attract small businesses, the people in small business, and why small businesses fail The importance of small businesses in our economy Advantages and disadvantages of small business Once again, refer to the text to review the guidelines for developing a business plan. If the new business venture is a franchise, refer to Chapter $5$ for information about franchising and its advantages and disadvantages.