How a Financial Services Business Hired a Lawyer to Review a Business Plan in Illinois

Hi- the business plan is being developed for whom? For your own planning to execute the first phases of your business? For financing? IF you want to have a legally binding agreement, there are specific rules- particularly around who are the specific parties to the agreement and what the specific performance is required for each side to complete. Often a business plan is just that- a plan for a business. Market research, competitive analysis, product/ service differentiation, etc. It will likely have forecasts based on market intelligence and industry- but it is not directed at one or even a few other people. IF after the plan is completed, you enter into a partnership agreement with specific items that each party agrees to do, that is a different document. Business plans are typically flexible and able to adapt to changing market conditions. Contracts are "you do A, I will do B" so that we know exactly what a "breach" is. Even if contracts are modified or amended- there are clear terms that outline who does what. So, depending on the style and purpose of your plan, it may not legally bind specific people to do specific things. And that would be the key difference in a plan vs a legally binding agreement.

I suggest you have a consultation with an attorney. There are a number of factors to consider - cost to rent space, insurance, and taxes are a few.