Business Ownership Students - Creating Your Company Description

Creating Your Company Description

What is the Company Description Section of a Business Plan?

The company description section of a business plan provides the reader with a brief overview of the business including the business name and other relevant information about the business. The company description section is usually placed near the beginning of the business plan to establish a framework for the reader.

What’s Included in the Company Description?
The Company Description section of a business plan usually includes the following components:
1. The company name
2. A general summary of the business
3. A declaration of a business form of ownership. Will the business be operated as a sole proprietorship, partnership, or corporation?
a. Resource: Selecting The Legal Structure For You Business
4. An industry classification for the business. What NAICS (North American Industry Classification System) code applies to your business? Refer to the North American Industry Classification System (NAICS) Web site (http://www.naics.com/search.htm) for assistance in answering this question.
5. The location of the business. In other words, where will the day-to-day operations of the business take place?
6. The year the business was formed
7. The primary function of the business. What are the main products or services provided by the business?
8. How many employees, if any, will be working for the company? What will their job titles be?
9. Who (if anyone) will be providing advice on legal, insurance, and accounting issues? These people are commonly referred to as “business advisors.”


Click here for a sample company description