Wondering about the business plan legal requirements? This is a much-debated question, but for the most part you can protect yourself against unnecessary liability by having the plan be prefaced by a standard disclaimer. Common language samples can be found on the Internet for free, but noting that the plan is not in and of itself an offering of shares, and that the subject matter is to be kept confidential should help control your exposure to any untoward outcomes. The best recourse is ultimately to have a legal professional review the document, but often this cost can be avoided. Remember to:
Control the copies you distribute
Use NDAs if you want, but remember that some investors will rebuff them
Print out and ask readers to sign other legal forms, where appropriate
Have a lawyer review your business incorporation documents
Always have a qualified attorney perform the PPM and filing
The business plan's legal requirements may seem difficult to fulfill, but in the vast majority of cases, the business plan is simply a presentation of ideas and potentials. The plan doesn't need to have an ironclad pro forma (indeed, there is rarely such a thing), but pinning your numbers to assumptions is a good idea. Cite statistics where you can, make sure everything written in your bio is truthful, and keep the marketing strategy in line with the budget you've set forth for it. Need more assistance than this, or want to have a free consultation with business plan professionals before shelling out for your attorney? Call the business plan writers at MasterPlans today! (877) 453-2011.
