Business Law

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Business Plan Related Questions

What is a business plan?

A Business Plan is a company’s goals and a specific plan for attaining those goals. It may give background information about the group attempting to achieve those goals. It provides specific and organized information on how the company will repay borrowed money. A good business plan can be crucial in the loan process. When an existing company is having a major change or planning a new venture such as a subsidiary, revising the 3 to 5 year business plan is essential, since investors will look for their annual return in that timeframe. Others can also gain information about the business, such as sales personnel, suppliers and any possible customers.

What goes into a business plan?

There is no single method for writing a business plan, but a few fundamentals are consistent throughout all business plans. An individual’s plan needs to contain an executive summary, a description of the company, a plan for how someone would market and handle their company, economic projections and the right supporting documents.

If someone has a business plan and a skeleton of a website that they want to protect their idea what can they do.

There is no way to protect an “idea”. The thoughts would have to be manifested in the written word. It is possible to copyright your business plan and you can copyright your website. The law offers no way to protect a thought, idea or good intention.

If someone developed a business plan for a consumer product, how can someone get manufacturing proposals without fearing their concept will be "leaked" by the supplier? Is there any sort of generally accepted supplier noncompeting agreement?

Rather than a non-compete agreement, you need a non-disclosure agreement. Before giving any information about your product to anyone, have them sign the non-disclosure agreement. This way if any problem would raise you would be able to sue them for violating the agreement.

A former board member has taken my business plan and is now competing with me, is there anything I can do to stop them?

They can be stopped by filing suit against them to enjoin the continued adaptation of your business plan. To be successful it is necessary to show that your business plan contains information not already in the stream of commerce, such as trade secrets, and the former board member learned these secrets from your business plan.

There are times that you need answers to your tough questions — questions that may be too sensitive for you to consult a friend or co-worker. Sometimes, you may want to discuss your issues with a neutral party who is experienced in the legal area that you are dealing with. If you are having issues with A Business Plan or just need answers to your questions pertaining to your Business Plan, you can ask a Lawyer. Lawyers answer many of the legal questions related to a Business Plan in an efficient and knowledgeable manner.
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