FLB Study

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Author:
pat4794
ID:
220050
Filename:
FLB Study
Updated:
2013-05-17 10:37:36
Tags:
Business Law
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Description:
Business & Law
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  1. What is included in a Business Plan? (6)
    • Market Possibilities
    • Competition
    • Financial Needs
    • Your Assets and Liabilities
    • Growth and Profit
    • Business Organization Type
  2. Uniform Enforcement Act
    • Provides Broad General Powers to Licensing Boards
    • Broad Investigative Powers
    • Subpoena Power
    • Compel Testimony and Records
    • Adjudge a person in Contempt of Court
    • Assess Fines $10,000 1st, $20,000 subsequent
    • Suspend and revoke Licenses
  3. Trade Name Registration
    • Registered in the county where business is located and does business
    • Register with County Clerk
    • May be desirable to register in all 21 counties 
    • OR
    • Incorporate to protect name
  4. NJ Regulatory Hierarchy
    • Department of Law and Public Safety 
    •  
    •     Division of Consumer Affairs
    •     Board of Examiners of Electrical     
    •     Contractors 
    •  
    •            Fire Alarm, Burglar Alarm and
    •            Locksmith Advisory Committee
  5. Name Seven Business Types
    • Sole Proprietorship
    • Corporation
    • General Partnership
    • Joint Venture
    • Limited Partnership
    • Subchapter S Corporation
    • Limited Liability Corporation
  6. Locksmith Unsupervised Employee Requirements
    • Good Moral Character
    • 3 Yrs practical hands-on experience
    • 4.0 HRS training in:
    • Barrier Free Sub-Code
    • Uniform Construction Code excluding Barrier Free
    • Americans with Disabilities Act
    • Basic Electronics
    • and 4.0 HRS in trade related subjects
    • OR
    • Pass a competency exam
    • OR 
    • Obtain Certified Registered Locksmith (CIL) from  Associated Locksmiths of America (ALOA) or Certified Institutional Locksmiths Association (ILA)
    • As of January 31, 2011
  7. Locksmith Applicant Requirements
    • 18 years old
    • Experience, Education & Financial Responsibility
    • 3 years experience or,
    • 2 years apprenticeship,
    • or CRL/CILPass Exam
  8. How to form a Corporation?
    • NJ Division of Revenue at   www.state.nj.us/tresury/revenueRegister
    • NJ-REG form for tax purposes

    • IRS    www.irs.gov
    • Register and obtain EIN...Employer Identification Number
  9. FBL Statute & Regulations
    • 18 years of age
    • Good Moral Character (no crimes for 10 years)
    • 4 Years experience
    • Education and financial responsibility requirments
    • 40 hours of technical training by statute
    • 80 hours of technical training by regulation
    • Pass Exam
  10. Electrician vs Alarm Licensing
    Electrician Licensing Anything over 10 volts

    Fire/Burgler Alarm Locksmith License Definitions define scope / no voltage limitation

    Telecommunications Exemptionexempt from Electricians License
  11. Electrical Statute & Regulations
    • Regulates Individuals  
    • must be 21 years of age with 5 years experience
    • Regulates Businesses
    • Pressure Seal Requirement
    • $1000 Surety Bond
    • 3 Yr cycle....next March 31, 2015
    • Change of address notification - 10 Days
    • 34 CEUs in each triennial period
  12. Describe Sole Proprietorship
    • Simpilist form of business
    • Very little to protect owner from liability
    • Owned, controlled and taxed at the individuals rate
    • More than 3/4 of US contractors are Sole Proprietorships
    • Probably not the best soluton for an alarm business
  13. Describe Limited Partnership
    • Two or more people share ownership
    • One or more are actively engaged in the business
    • Those not actively engaged are considered Limited Partners
    • Actively engaged are General Partners
    • Business taxed at individual rates
  14. Describe Limited Liability Company (LLC)
    • Hybrid type of legal structure
    • provides the limited liability features of a corporation and the tax efficiencies and the operational flexibility of a partnership
  15. Describe Joint Venture
    • Where two or more business entities join forces for a project
    • All parties are required to be licensed
    • Each party is taxed individually
  16. Describe General Partnership
    • Requires articles of incorporation like a corporation
    • Each partner is responsible for debts of other partners
    • Taxed at personal rates
    • Partners have unlimited personal liability
  17. Describe Corporation
    • Independant legal entity owned by shareholders
    • The corporation itself is held legally liable for actions and debts
  18. Describe "S" Corporation
    • An IRS election when business is created
    • First form a Corporation....known as C corporation
    • Then elect to be classified as a Sub-Chapter or S Corp
    • Can avoid double taxation by electing this option
  19. DCA vs DCA
    Division of Consumer Affairs

    or 

    Department of Community Affairs (regulating laws come from here)
  20. Business License Requirements
    • Certificate of Incorporation
    • Qualifier (License Holder)
    • Insurance $500K for Locksmith or $1 million (alarm)
    • $10,000 Surety Bond
    • NJ Address or power of attorney if located outside of NJ
    • $150 application fee
    • $75 license fee
  21. Business Insurance?
    • Registration Required
    • Unelployment Insurence 
    • Workers Compensation Insurance
    • If you have at least one employee
    • You could be that one employee but you might not such as if you form a LLC
  22. Additional Business Registration Requirments
    • Register as Domestic or Foreign Corporation (In or  out of NJ)
    • Complete NJ-REG and get 12 Digit NJ Tax # from Dept. of Treasury
    • You will need the IRS EIN number to get the NJ number
    • Register for tax and employer purposes
    • (NJ Div of Revenue) (Client Registration Bureau)
  23. Additional Business Registration
    • Taxation
    • Permits
    • Registrations
    • Licenses
    • Certifications
    • Trade Names

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