Phase 4As an entrepreneur, you want to start a business. You know that the first step is to consider drafting a business plan proposal to organize all of your ideas. For this assignment, you will be submitting a business plan proposal outline for your imaginary business. For research purposes, you can choose any state for the location of your business. Your business plan outline should include the following:Introduction of the proposed business (200-300 words)Description and explanation of the type of business entity that is best for your business (400-600 words)Partnership, corporation, etc. (for purposes of this assignment, you should NOT choose a sole proprietorship for your business entity.)Provide explanation for your choice of business entity (advantages/disadvantages of the selected type of business entity)Description of the specific steps needed to be followed to successfully and legally start the business (500-700 words)Steps will vary, depending on the type of business you chooseGood sources of research for this areaUsing the proposal from above, complete the business proposal with detail and context, supported by research. Your business plan should include the final versions of the Phase 4 IP:Introduction of the proposed businessDescription and explanation of the type of business entity that is best for your businessDescription of the specific steps needed to be followed to successfully and legally start the businessIncluded in this submission are five additional considerations:A draft of the appropriate written agreement for the particular type of entity chosenArticles of incorporation, articles of organization, partnership agreement, etc.A draft of a valid contract with a vendor, supplier, customer, etc. that illustrates all elements of a contract and takes into consideration some of the topics discussed in the contract chaptersPossible ethical considerations for your business, including any social responsibility plans or attitudes that your business will embrace (400-600 words)Description of a possible disagreement that could be encountered among the partners or investors and shareholders. (500-750 words)Examples could include the introduction of a new product line, borrowing money for expansion, an advertising campaign, etc.Illustration of the various ways the disagreement could be resolved (referring back to the formal documents, such as the articles of incorporation or the partnership agreement)Discussion of how the business would be terminated if the disagreement between the board of directors, shareholders, or partners could not be resolved (500-750 words)