I just purchased my IPad and I am trying to find an app that will work like MS Office.

Welcome to the forum! There are a lot of great people here willing to lend a hand anytime. Often using the Search box (at the top-left of every page) will lead you to the answers you're looking for. If not, feel free to post a question in the appropriate area.

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Regarding your question, here's some more information about iPad Apps for Business Use:

http://www.ipadforums.net/ipad-business-education/22431-hi-all.html#post157114

Here’s another post with additional info:

http://www.ipadforums.net/iwork-forum/36629-office-app-comparison.html#post256794

Hope that helps.

Welcome again and enjoy!

I went to the app and it requires iOS 5.0 upgrade. Not trying to sound too computer illiterate but how do I do that

Not a problem! Here you go...

Updating your iOS device

Here's a list of tips to follow prior to your upgrade:

iOS 5 Upgrade Troubleshooting

Also, be aware that the iOS 5 Upgrade is a full backup, wipe and restore process and can take a while depending on the data on you iPad. Since yours is new it shouldn't take more than an hour, but a lot depends on your broadband connection speed, Apple's server load, etc. Just be prepared to "babysit" for a while. Most of the time you can do something else, but you need to be available to confirm a couple of things now and then. Be patient and give it time and don't interrupt anything until it's fully finished. Happy upgrading!