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The organization plan in a business plan provides a detailed description of the marketing strategy.
False
Data about the target consumers and competitors define the requirements for the demand and supply of the product or service.
True
The organization plan includes information on the financial projections of the business.
False
A business organization can be in the form of a corporation or a limited liability company (LLC).
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In a feasibility study, most of the information in the organization plan can be found in the marketing analysis.
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The organization plan outlines the roles and responsibilities within the business, including salary requirements.
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Limited liability means that creditors can go after the personal property of the business owner if there are unsettled financial obligations.
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A small business typically has a more complicated organizational structure compared to a corporation.
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The roles and responsibilities of positions in a business organization should be clearly defined to minimize misunderstanding and overlapping of functions.
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Unlimited liability means that creditors cannot run after the personal property of the business owner in case of unsettled financial obligations.
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The organizational chart shows the flow of communication within the organization and the hierarchy of different positions.
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The entrepreneur is responsible for hiring qualified personnel and defining roles and responsibilities within the organization.
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