For this project, you will create and present a plan for starting a small health-care related business of your choice. Choose a health-care related service or product that you already know something about because it will be easier and more useful for you to choose a business structure if you know the business. The core of the project is evaluating and choosing a business organization (such as, partnership, LLC, closely-held corporation, publicly-held corporation, etc.) The Final Project includes a variety of practical tasks involved in starting a business as well.
Choose the business organization that is right for you. You may choose any except sole proprietorship (a valid form in the right circumstances, but too simple for this project).
READ ALL of these before beginning to think about your project.
1. Name & Address: State the name and address of your business.
2. Statement concerning choice of business structure: Describe the business, the owners of the business, why you chose the structure you did, describe the structure, discuss the issues of raising capital, tax laws, contract, agency, and liability issues (of all kinds, use your imagination!) for your organization. Also, describe all other business structures you could have chosen and for each, explain briefly the difference between the one you chose and why you made the choice you did. What characteristics of the non-chosen structures made it less suitable or unsuitable for your business?
3. Appropriate Business Forms: Complete all state legal forms for your state necessary to organize the business under your state law. If you are incorporating, this would include the Articles of Incorporation. Find the business law for the structure for your state. Give the code number, and prepare the completed forms according to law. You may also have local requirements (city, county), check those out. Determine whether your business needs to have approval of a state licensing board and whether the business itself has any obligations in that regard. Also, consider whether state licensing impacts your ability to limit liability of owners. Describe these items, why they are required, and point the reader to the appropriate Exhibit for each completed document.
4. Federal Forms: For all organizations you will need to have a Federal ID number (EIN) for tax purposes. Summarize this obligation and complete any forms necessary.
5. Organizing Agreements: Create the start-up documents necessary to make your business a legal entity. For example, articles of incorporation, partnership agreements, etc. These will vary according to the business structure you choose. You will be able to find many examples of these forms online, often for your state. Feel free to use them as a template, but look at several, and consider carefully any provision you include (or exclude). These agreements represent the “private law” between the parties that allocate power and responsibility and earn the organization legal recognition from the state and third parties.
6. Business Practices: Briefly describe the nature of your business and how you will get business. Describe what you envision in terms of necessary employees and office space. This could be thought of as a mini-business plan. Describe where and how you intend to advertise, network, partner, and otherwise grow your customer base.
7. Startup Funding: Describe how you will get money for start-up. You are free to use multiple methods discussed in the course (loans from owners, bank loans with collateral, raising venture capital, sales of shares, etc.)
8. Branding: Provide a mock-up of letterhead, business cards, and billing format. Provide two kinds of advertisement such as newspaper, magazine, billboard design, radio, TV, or webpage.
9. Hire Counsel: Discuss all of the legal areas that you should be concerned with, noting briefly what you will need to seek legal counsel on, including employee/labor law, financial liability, malpractice liability, other negligence, premises and errors and omissions liability, compliance with Medicaid and Medicare laws (we will have discussed briefly in one of our assignments), compliance with ethical requirements and professional boards. Note: Some of your businesses may require approval by state professional boards. Include such provisions and documents.
10. Insurance: Ascertain what type of insurance your business will need and identify sources of insurance for your type of business. Give yourself at least a few companies to consider. Describe the types of insurance that you will need and why. Consider protection of both the entity and the owners.
11. Miscellaneous: Anything else you want to add to help me understand your business.
Format of the Project:
1. Create a cover page with the name and logo of the proposed business, your name, my name, the full school name, the class name and number, and the date.
2. Make each of the numbered, bolded items above a Bold/Underlined and centered header. Then below it, describe in prose format the required information. Use sub-headers to help make things clearer for the reader. Use references to exhibits as needed to point your reader to documents you’ve attached. Include all of your attached items as exhibits. Number them 1 through whatever and always tell the reader in the text what each exhibit is.
3. Provide a footnote detailing the source of any information acquired elsewhere, such as statutes, business regulations, government websites, etc. It is good to draw knowledge from other sources, but it is important that you recognize what you’ve taken or referred to and be able to point your reader to it. These footnotes will be judged only on whether they are sufficient to allow me to find the source, not on compliance with Bluebook or any other citation form.
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1. Business structure
Chaperon consulting started its business in the field of health care sector especially working as the consulting organization in a hospital in the market of United States. The main idea behind this business is to allow a company towards ensuring that the clients make the payment on time. Vision of our organization is to manage the healthcare unit for effectively collecting the revenue as the operating margin is shrinking and makes use of efficient and innovative ways to capture and collect the revenues. The organization must offer the valuable insights, producing original research and developing different tools and techniques. Our aim is to provide a value quality and integrity which create a distinctly different client experience (McKenna, 2006)....
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