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A strategic plan

What is a strategic plan?

A strategic plan lays much what you do than what you do not want to do. By having a plan, you eliminate the interference, such as the opportunities that look good, but that does not fit your vision. This plan also helps you assess the risks associated with the strategy.

Strategic planning is also a excellent negotiating leverage to funding. Often, entrepreneur improve impulsively when bank ask for a strategic plan, but it’s also your plan to accomplish your goals it may not be a great idea to make it on the top of your head, because it’s also a proof that you’re well structure.

How you can do a strategic plan?

The process involves several steps. We must first conduct an internal and external review. Then you have to define the vision and key business issues. The third step is to develop strategies that address these issues. Finally comes the stage where we establish an action plan which will be communicated throughout the organization and will be subject to regular monitoring in order not to sink into oblivion. This is an active and dynamic tool

What are the different forms / types of businesses

Unincorporated sole proprietorship

You as an individual are the sole proprietor of the company and no distinction is made between your personal assets and your business assets. You get all the benefits of the business but also assume all the risks.

If the business fails, both your personal and business assets can be seized.

There are no formalities required to run this kind of business.
If the business is run under a name that does not include your first and last names, you must register the business name with the Registraire des entreprises (http://www.registreentreprises.gouv.qc.ca/en/default.aspx).

Partnership

A S.E.N.C is a group of individuals, called associates, who agree, in a spirit of cooperation, to exercise a common activity. Partners in a partnership have as primary purpose of running a business, contribute to the sharing of property, knowledge or activities and to share the financial profits and losses that result.

Such a society is created through a partnership agreement and must be referred to an associated common name. They are jointly responsible for certain business debts and obligations, regardless of the respective contribution of everyone in society.

Most of the time this kind of business is used for professional offices (eg lawyers, notaries, dentists, etc.)

The partnership has a seat (lead institution), a name of its own and it can take legal action, that is to say, it can sue someone and be sued.

Limited partnership

A limited partnership consists of one or more general partners and one or more limited partners who are required to provide a contribution to the common stock of the company. It is created through a partnership agreement and must be referred to an associated common name.

Sponsored mainly provide their work, their experience and competence. These are the only people authorized to administer and represent the company. They have a joint responsibility for the debts of the company.

The capital contribution in the partnership up to the sponsors. Sponsors provide money or property to the partnership and their responsibility for the company’s debts is limited to their contributions in the latter.

The Partnership has a seat (lead institution) a name of its own and it can take legal action, that is to say, it can sue someone and be sued.

Corporation

Most common type of business structure, even though legal requirements are more complex.

Corporations are considered legal persons and separate entities from its owners, the stockholders.

Corporations have their own assets and are liable for their own debts. They can sue and be sued.

Stockholders assume risks equal to the amount invested in the company. Financial institutions may ask stockholders to endorse company loans, especially when the firm first goes into business.

Legal requirements for business corporations differ from those of other legal business structures. A corporation must be created under 1 of 2 government jurisdictions: under provincial law (to operate in only one province) or under federal law (to do business across Canada). The process is complex and legal counsel is advised.

Cooperative

Corporation in which persons or companies who have economic , social or cultural and , to meet , come together to operate a business according to the rules of cooperative action .

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