The main body of the business plan begins with a brief description of the firm. If the firm is already in existence, its history is included. This
section informs the reader of the type of business being proposed, the firm's objectives, where the firm is located, and whether it will serve a local or international
market. In many cases, legal issues—especially those concerning the firm's form of organization—are addressed in this section of the plan. (Legal issues regarding the form of organization are discussed in Chapter 10.) In writing this section, the entrepreneur should answer the following questions:
• When and where was this business started?
• What changes have been made in structure and/or ownership?
• In what stage of development is the firm—for example, seed stage or full product line?
• What has been achieved to date?
• What is the firm's distinctive competence?
• What are the basic nature and activity of the business?
• What is its primary product or service?
• What customers will be served?
• What are the firm's objectives?
• What is the firm's form of organization—sole proprietorship, partnership, or corporation?
• What are the current and projected economic states of the industry?
• Does the tarn intend to become a publicly traded company or an acquisition candidate?