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Your Fiduciary Responsibilities

Tue, Nov 25th 2014
How much attention do you typically pay to your company’s retirement plan? Like many contractors, your priorities may lie elsewhere: overseeing bids, managing current projects, and ensuring that your company’s finances are in good shape. Your company’s retirement plan may not get your full attention. Unfortunately, that inattention can create several potentially serious problems. As a fiduciary of the plan, you are obligated to carry out various duties under the Employee Retirement Income... Read More »

Smart Year-End Planning Steps for Construction Firms

Tue, Nov 25th 2014
Making time in your busy schedule for a thorough review of your construction firm’s finances can pay long-run dividends. By identifying areas of strength and weakness, you’ll be better prepared to develop strategies that will help firm up your company’s finances, position your firm for expansion and future growth, and obtain the bonding necessary to propel that growth. Here are some planning steps you and your company should consider. Manage Risk An uninsured claim could wipe out your business... Read More »

What is a Subchapter S Corporation and its advantages?

Tue, Nov 25th 2014
Subchapter S status is generally advantageous to small corporations and their shareholders. However, the shareholders’ personal tax life becomes more complicated with the election of Subchapter S. A Subchapter S Corporation is a corporate entity that combines the limited liability of a regular corporation with the tax advantages of a partnership. However, with a Subchapter S Corporation, it does not pay tax on its income. It files Form 1120S and distributes K-1S to shareholders. Shareholders... Read More »

Minimizing Construction Delays

Tue, Nov 25th 2014
Delays are a fact of life in construction. They’re also bad for your bottom line and for your reputation among owners and developers. However, not all delays are inevitable. Identifying the situations that create project delays is an important first step in tackling and resolving the problem. What Causes Construction Delays? There are many factors that cause constructions delays. Below are some of the most common ones: Inadequate planning Labor and material handoffs Owner changes/change orders... Read More »

Get It Right from the Get-Go

Tue, Nov 25th 2014
Few contractors enter into a project without first reviewing the project’s scope and requirements. However, not enough contractors take the time to perform a thorough pre-construction review to ensure the project will achieve the owner’s budget and design goals while delivering the desired profit targets for the contractor. A comprehensive pre-construction process increases the likelihood that your company will complete projects on time, maximize profits, build credibility, and obtain referrals... Read More »