Florida Commercial Pools - Module 1

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Assets

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Liabilities

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Equity

How much of stock ownership is required for control of a corporation?

51% of stock ownership is required for control of a corporation.

Construction is similar to other businesses as it relates to

planning, organization, management, and structure.

Five general guidelines you should follow when working on your business plan:

• Executive Summary

• Description

• Research Your Market

• Funding

• Projections

Qualifying Agent

A required individual for partnerships, joint ventures, or corporations engaging in contracting.

The corporate form of business is

usually the most expensive/costliest to organize.

S-Corporation

Not affected by corporate income taxes, thereby eliminating the double taxation feature of standard corporations.

The Florida Uniform Partnership Act defines a partnership as

two or more persons associating themselves as co-owners for the purposes of carrying on a business for profit. 

General Partners

Fully and personally liable as co-owners of the business.

Limited Partnership

An entity composed of at least one general partner and which, in addition, has one or more limited partners.

Limited Partner

• Immune from liability beyond amount of investment

• Cannot be involved in day to day operations

• Qualifying business cannot be a limited partner

• More of a passive investor

Joint Ventures

A collaboration between two or more entities for a specific project, resembling a special type of partnership. Typically limited to a single transaction.

The three basic steps to ending a partnership:

Dissolution > Winding Up > Termination

Sole Proprietorship

The simplest business organization where the owner manages and makes all decisions.

County-level Registration Requirements

Includes an Occupational License, Certificate of Occupancy, and Zoning Permits.

State-level Registration Requirements

Involves Corporate Filing, Fees to the Division of Corporations, and Fictitious Name Registration.

Businesses that collect sales tax must register with

The Department of Revenue.

State Retail Sales Tax Rate in Florida

6%.

DR-1 Form

Application for Certificate of Registration (sales tax number).

SS-4 Form

Application for Employer Identification Number (EIN), required for most businesses.

If you intend to operate, promote, and advertise your business to the public using a business name other than your own name of your corporation or partnership as filed with the Secretary of State, you must

comply with the Fictitious Name Act.

Fictitious Name Registration Requirements

• Must be advertised one time in the newspaper

• Owner must record a name change or cancellation within 30 days

• The name is valid for five (5) years

• It expires on December 31st (12/31) of the fifth year

• Renewals occur between July 1st (7/1) and December 31st (12/31) of the fifth year

Any person who fails to comply with the Fictitious Name Act commits a

a second degree misdemeanor. 

Florida Statute 489.107

Establishes the Construction Industry Licensing Board (CILB) for contractor regulation.

Certified Contractor

Any contractor who successfully passes a state-administered examination and obtains a certificate of competency issued by a DBPR.

Certified contractors are allowed to contract in

any city, county, or district in the state without being required to fulfill competency requirements of that jurisdiction.

Registered Contractor

any contractor who has registered with the DBPR and has fulfilled the competency requirements in the city, county, or district for which the registration is issued

Registered contractors can only contract in

the jurisdiction that issued the license or in areas that recognize it.

A licensed plumbing contractor must complete a __________ in order to engage in the installation of medical gas.

six (6) hour course of continuing education

If approved, a worker’s compensation exemption takes effect ________________ after filing.

31 Days

Worker’s compensation exemption remains in effect until

revoked or for a period of two (2) years, whichever occurs sooner.

Licensure as a certified or registered contractor must be renewed every

two (2) years

The sale, delivery, assembly, or tie-down of prefabricated portable sheds that are ______________ or less in interior size and are not intended for use as a residence, are exempt from state licensure. 

250 square feet