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what is the section of the business plan that includes the legal form of the business, organizational structure, key personnel
The legal form of business and key personnel comes under the section BACKGROUND
This section of the business plan may consist of a few pages of background information that is specific to the particular business.It helps to identify a rapid overview of what the business is, how it started, how it developed over the years and where it is heading.It will also describe how the business is organized and the resources and infrastructure required for running it.
Key personnel are useful for quickly grasping the size of the business. i.e Number of personnel, Number of clients(per category), Number of affiliates (Domestic, foreign)
Legal form of the business- The human resources section of the business plan includes about the owners, the board of directors and the management.
- Is the business a partnership or a limited company? what are the reasons for the form of constitution?
- Are shares traded on the stock exchange?if yes, where?
- Who are the shareholders and who holds the majority/control of the company?
- Who are the key managers? what is their background and what strengths do they bring to the business (experience, expertise, special abilities, etc)
- Do the management and other employees hold shares? if so, what is their participation?
Organizational structure comes under the Business operations and organization section of the business plan
In planning the business it is important to structure the company i.e divide it in distinct functional units. so an organizational chart is necessary to get a clear image of the structure. it will help the reader to quickly grasp the way we plan to structure the business. It define responsibilities and lines of reporting of middle and higher management.
- Providing evidence to the lender or investor that you have seriously considered the future of the business
- Confirming that you have identified the people required for operating the business. Naming persons in the chart helps to give a sense of reality to your business plan
- Making clear to everybody in or outside the company who is responsible for what.
There are many different ways to structure a company. Factors that play an important role are the type of business, the industry, the size of the company, the ownership situation (partner organization, family business etc) the profiles and competences of managers available and the style of management.
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