Your sister-in-law intends to form a business partnership with one of her university friends. Both will be financing the new business with equal amounts of equity and debt financing, They want to produce a business plan, which will include a budget and proper business control. She is keen to ensure that the money is spent in a manner that advances the business's objectives and allows her to exercise control over the spending of the money invested into the partnership.

Your sister-in-law asks you for your advice. What advice would you give that she can include in her business plan so that there are sound planning and control processes?

Requirement

Write a three-page memo (no Executive Summary or conclusion) that outlines an approach that your friend can follow. Your advice should be specific and tailored to the needs of a charity. In other words, generic advice should be avoided.