A milestone is a noteworthy or significant event in the past or future development of a business. If you have selected and registered your company’s name, completed a feasibility analysis, written a business plan, and established a legal entity, you have already cleared several important milestones. The legal status and ownership section should indicate who owns the business and how the ownership is split up. You should also indicate what your current form of business ownership (i.e., LLC, Subchapter S Corp, etc.) is if that issue has been decided.
Definition