Answers obtained from SBA online, Quicken small Business site, and Entreworld.org. 1. What is the purpose of a business plan, and why is it an essential first step for a start-up firm? A business plan closely describes your business, analyzes your goals, and functions as your business's resume. It helps you designate resources properly, handle unanticipated dilemmas, and make good business choices. The importance of a compendious, cerebral business plan cannot be overemphasized. A lot …showed first 75 words of 1169 total…

…showed last 75 words of 1169 total…from leaving the company. There are many problems with opening a family owned business and these are just a few. Married couples have problems managing due to decisions of authority. Another issue is in the case of divorce. If you open a business together then you may be required to sell the business or buy out the other party's interest. Joint ownership issues may arise even if the spouse was not involved in the business.