Business Plan for Florida West Medical Scanning Laboratory

Essay Instructions:

Option #1: Domestic Business Plan

As an entrepreneur, you want to start a business. You know that the first step is to consider drafting a business plan to organize all of your ideas. For this assignment, you will be submitting a business plan for your imaginary business. For research purposes, you can choose any state for the location of your business. Your business plan should include the following:

• Introduction of the proposed business/executive summary

1. The executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to attract a potential investor's interest.

2. The executive summary should highlight the strengths of your overall plan and therefore be the last section you write. However, it appears first in your business plan.

• Identify and describe the type of business entity that is best for your business.

1. Examples may include: partnership, limited liability company, corporation, etc. (For purposes of this assignment, you should NOT choose a sole proprietorship for your business entity.)

2. Defend your choice of business entity (this may include advantages/disadvantages of the selected type of business entity based on your business concept).

• Describe the specific legal steps needed to be followed to successfully start the business.

1. Note: Steps will vary, depending on the type of business you choose and state you are located in.

2. Good sources of research for this area include the following:

3. Textbooks

4. The Small Business Administration website will be helpful; it includes information on how to start a small business.

• Recommend and describe an appropriate written agreement for the particular type of entity chosen.

1. Examples: Articles 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 Modules 6 and 7

• Explain potential ethical considerations for your business, including any social responsibility plans or attitudes that your business will embrace.

• Describe a possible disagreement that could be encountered among the partners or investors and shareholders. Recommend potential resolutions (referring back to the formal documents, such as the articles of incorporation or the partnership agreement).

• Examples could include the introduction of a new product line, borrowing money for expansion, an advertising campaign, etc.

• Determine how the business would be terminated if the disagreement between the board of directors, shareholders, or partners could not be resolved.

Your well-written plan should be 8-10 pages in length, not including the title or references pages. Headings and subheadings may help you organize your work. Include at least four academic or other legitimate sources to support your findings, not including your textbook. The MGT315 Business Law Library Guide (Links to an external site.)Links to an external site. can help you with finding quality resources.

Essay Sample Content Preview:

Business Plan for Florida West Medical Scanning Laboratory Student’s Name Institutional Affiliation Contents TOC \o "1-3" \h \z \u 1Executive Summary PAGEREF _Toc2970627 \h 32Introduction PAGEREF _Toc2970628 \h 42.1Florida West Lab Business Objectives PAGEREF _Toc2970629 \h 42.2Florida West Lab Business Mission PAGEREF _Toc2970630 \h 43Florida West Lab Company Summary and the Type of Business Entity PAGEREF _Toc2970631 \h 53.1.1Startup Requirements PAGEREF _Toc2970632 \h 64Legal Steps in the formation of Florida West Medical Lab Partnership PAGEREF _Toc2970633 \h 65Partnership Agreement PAGEREF _Toc2970634 \h 75.1Partnership Agreement for Florida West Medical Laboratory PAGEREF _Toc2970635 \h 76Ethical Considerations for the Business PAGEREF _Toc2970636 \h 97Possible Disagreement that could lead to Dissolution of the Business PAGEREF _Toc2970637 \h 118How the Business will be terminated PAGEREF _Toc2970638 \h 119Conclusion PAGEREF _Toc2970639 \h 12References PAGEREF _Toc2970640 \h 13 Business Plan for Florida West Medical Scanning Laboratory Executive Summary We are living in an era when different lifestyle diseases affect people of different ages. Some people may find it possible to make it to hospitals, while those that cannot make it find it difficult accessing scanning facilities. It is for this reason that we have decided to set up Florida West Laboratory scanning center. Florida West Lab is a partnership business entity between Mr. Gregory Mevian, a former governor Florida, and Mrs. Bevlin Whites, the founder and board member of the Sovereign Clinic in Eastern Florida. It is expected that Mr. Mevian’s political interests will not interfere with the operation of the business, considering that this business is just starting and we hope to take it to the global level. The business is started on a legal contract between the owners. The contract defines the terms of existence of the business and the conditions under which it will be terminated. Our goal is to make it possible for people of all classes to access medical scanning services at an affordable price while at the same time adding value by reducing suffering. We have decided to position this business in Florida because it is where the owners have spent the most part of their life working. Their knowledge of the business environment, the legal process of business operation, and their expertise in running laboratory services will be the stepping stone in helping Florida West Lab realize its goal and objectives set for the next five years. This business plan describes the setup of a partnership business that will run on a budget of will run on the budget of $500,000 for four years. We expect that the business will generate enough revenue to pay back the startup costs and cater for its operations for the next four years. Introduction Mr. Mevian and Mrs Bevlin have identified the need to reduce suffering among different families in Florida. Over the past decades, families in this region have found it difficult accessing and obtaining proper medical attention from physicians and local hospitals. Mr. Mevian and Mrs. Bevlin do not have significant experience in the business industry, but they intend to hire business managers to help run the business on their behalf. The founders have committed $150,000 will be secured from loans. The loan will be used for purchase of medical equipment while and payment of rent and workers in the first six months. The contribution from the owners will be budgeted to cover operational expenses and emergency needs thatmay arise in the process of running the business. Florida West Lab will go public after three years. Florida West Lab Business Objectives * To be the leader in medical scanning services in Florida before expanding to other states * To deliver quality medical scanning services to our clients * To double the revenue invested in the business in the first three years * To train the society in dealing with and managing lifestyle diseases * To employ and train competent employees that will help the business realize its mission Florida West Lab Business Mission The mission of Florida West Lab Company is to be the leader in medical scanning services in Florida in the next five years before going international. Florida West Lab Company Summary and the Type of Business Entity Florida West Lab Company is a partnership business entity. We chose to create a partnership entity because of the advantages associated with it. According to Financial Accounting Tools (2017), partnerships have a rich source of revenue that makes it nearly impossible to be bankrupt. Since we intend to operate in a span of five years, we hope that we will be successful in harnessing the available funds to run the business. Another advantage of partnerships is that they do not have double taxation. Profits are channeled directly to the owners. This makes it possible for owners to enjoy their profits at their convenience. In spite of the above advantages, the business is likely to suffer some limitations that affect partnerships. Some of the limitations include unlimited liability where each partner is individually liable for the company’s debts. Personal property could be auctioned to settle the debts of the firm. Additionally, since each partner is an agent of the firm, any behavior that affects an individual is likely to affect the business as well because the business is not separate from its owners. Figure SEQ Figure \* ARABIC 1. Investments for the First Year The Startup Expenses are summed in the figure 1 above. All the expenses are drawn from loans and the contribution of the owners. Startup Requirements Table SEQ Table \* ARABIC 1. Startup Financial Requirements Source: Own elaboration Expenses Amount Allocated ($) Legal 40 Stationary 75 Brochures 30 Salaries 95 Rent 40 Insurance cover 35 Consultants 100 Lab technicians 75 Legal Steps in the formation of Florida West Medical Lab Partnership FindLaw (2019) outlines seven basic steps that we will be required to follow when creating our partnership business. These steps are essential for the success of the business as they will protect as from future conflicts. This section discusses each of the step and how it will be carried out. The first step is to decide the business name which we have already decided as Florida West Medical Laboratory Company. This is a unique name as it has not been used by other businesses. After confirming that the name is unique, the third step is to register the name of the business with the State of Florida. Registration is necessary to make sure that other people do not use this name. We will then create a partnership agreement. We will then proceed to register the partnership and file for business permits and licenses from relevant authorities. The partners will then seek the help of an attorney to start the business. Partnership Agreement The proposed agreement for this type of business is a partnership agreement. The partnership is drafted below. Partnership Agreement for Florida West Medical Laboratory Partnership Agreement Draft This partnership agreement made on 08 March 2019 between Mr. Bevian of the address 124435 West Florida AND Mrs. Belvin of the a...

Updated on January 26, 2024

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