ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals. A business plan lays out a written road map for the firm from marketing, financial, and operational standpoints. Both startups and established companies use business plans.

Detailed explanation-2: -An operating agreement is a key document used by LLCs because it outlines the business’ financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.

Detailed explanation-3: -The business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture (Histrich, Peters, Shepherd 2013).

Detailed explanation-4: -A business plan is essential as an entrepreneur. It helps you set clear goals and guidelines for how you will manage your business. A business plan may also be needed to set employee goals, obtain funding or even to sell your business one day.

Detailed explanation-5: -Use your appendix to provide supporting documents or other materials were specially requested. Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, patents, legal documents, and other contracts.