Legal Definition of Plan: (a) A procedure designed to reorganize a company so as to pay off debtors and to continue the operations of a business, such a plan taking place in a bankruptcy proceeding. (b) A sketch or outline of something to be done | Need help understanding the importance of a plan in business? Discover how a plan can help restructure a company during bankruptcy and keep business operations on track. Learn how to effectively pay off debts, reorganize operations, and achieve financial stability. Plus, explore how a plan can keep businesses organized, set priorities, and achieve their goals. Start creating and following a plan to ensure your business’s success and longevity