While body of business plan should be 15 to 25 pages, Appendix can be used for supplemental information. The Appendix should include a full set of financial projections, and as appropriate, technical and/or operational drawings, partnership and/or customer agreements, expanded competitor reviews, and lists of key customers among others.

If Appendix is long, a divider should be used to separate it from body of plan, or a separate Appendix document should be prepared. These techniques ensure that investor is not handed a thick business plan, which will make them queasy before even opening it up.

To summarize, goal of business plan is to create interest – not to have an investor write you a check. In creating interest, full story of your company need not be told. Rather, plan should include essential elements regarding why an investor should invest and spend more time examining business opportunity. The shorter length does not mean that your business plan should take less time to prepare. Rather, it will take more time. As Mark Twain once said, “If I had more time, I would write a shorter story.” Likewise, condensing your business plan to a concise, compelling document is challenging and time consuming. Fortunately rewards are significant.

Limited liability companies with more than one owner typically elect to be treated as partnerships for tax purposes. If this describes your situation, LLC is required to file tax returns by April 15, 2005. You can obtain a 3-month extension by filing form 8736. Although form 8736 contains language regarding partnerships, you will still use this form since IRS classifies you as a partnership for tax purposes.

If you are sole owner of an LLC, you may be in for a surprise. The IRS doesn’t recognize LLCs owned by one person. Instead, it simply considers you a sole proprietor and rules for sole proprietorships apply. These are discussed below.

Partnership

If your business is a partnership, you are required to file tax returns by April 15, 2005. You can use form 8736 to obtain a 3-month extension.

Self-Employed/Sole-Proprietor

If you are not using a business entity, your business tax information should be reported on your personal tax return. The due date for filing your personal tax returns is April 15, 2005. You can obtain a four-month extension by filing form 4868.

Summary

Regardless of how your business is organized, IRS will automatically grant you an extension to file your tax returns. By sending in appropriate form, you can avoid a mad rush that will inevitably result in missing deductions and overpaying your taxes. Just make sure you pay any taxes you anticipate owing by appropriate date.