Florida Contractor's Manual Questions and Correct Answers the Latest Update and Recommended Version
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Florida Contractor\\\'s
Institution
Florida Contractor\\\'s
Contractor's Manual - Planning
Check list for starting a business includes: Nature of your business or service, markets,
competition, expense of start-up, projecting income and expenses, legal types of
businesses, employment, taxes, regulations, financing, site locations, leasing
arrangemen...
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Florida Contractor's Manual Questions
and Correct Answers the Latest Update
and Recommended Version
Contractor's Manual - Planning
✓ Check list for starting a business includes: Nature of your business or service, markets,
competition, expense of start-up, projecting income and expenses, legal types of
businesses, employment, taxes, regulations, financing, site locations, leasing
arrangements, insurance coverage, record keeping, advertising & marketing.
Contractor's Manual - Planning
✓ The duties of an effective and responsible manager include: Planning, Organizing,
Directing, Controlling, Standardizing, Assigning and communication effectively.
Contractor's Manual - Business organizations
✓ Types of business organization: (1) Sole
✓ Proprietorship, (2) Partnership, (3) Joint Venture or (4) Corporation. Limited Partnership:
definition - must have at least one general partner, a limited partner cannot be involved
in the management or day-to-day operations of the bushiness, the qualifying business
agent cannot be a limited partner.
Contractor's Manual - Business organizations
✓ The primary difference between a partnership and a joint venture is that a partnership is
usually created for the general transaction of business of a particular type, while the joint
venture is usually limited to a single transaction.
Contractor's Manual - Business organizations
✓ Corporation advantages are exemption of stockholders from personal liability. continuity
of existence. unaffected by death or withdrawal of an employee or shareholder.
specialized management. ownership is transferable. fringe benefits are tax deductible.
standardized statutory method of organization, management and finance.
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Contractor's Manual - Business organizations
✓ Control of the business: Sole Proprietorship. You have absolute authority over all business
decisions. Partnership. Control is shared with your partners, as provided for in the
partnership agreement. Joint Venture. Same as partnership. Corporation. Control depends
on stock ownership. In other words, 51% stock ownership meas that you are able to make
policy decisions.
Contractor's Manual - Business organizations
✓ SCORE or Service Corps of Retired Executives are retired business executives within this
program that offer advice to the small business community. Score counselors meet with
small business owners and prospective entrepreneurs to determine and discuss their
business problems. The counselor with formulate a plan of action designed to help
minimize or eliminate the problem areas.
Contractor's Manual - Business organizations
✓ Other sources of information are Labor Regulations. Proof of Age - if employment of
minors is anticipated. Occupational safety and health act. also know as OSHA. Workers'
Compensation Insurance and Employee Training
Contractor's Manual - Financing
✓ Types of financing. Need for capital in starting a business usually occurs in three stages.
1. to cover start up cost. 2. to finance current operations or working capital. 3. to expand
the established business.
Contractor's Manual - Financing
✓ Starting Capital. Personal savings. borrow friends, banks, or through small business
administration. SBA. Obtain venture capital from small business investment companies
SBICs or Minority Enterprise Small Business Investment Companies.
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