Five Friends Construction Company

Abstract

Mrs. Oona Blair, Mrs. Samantha Cook, Mr. William Manahan, Mr. David Shapiro, and Mr. John Smith have requested the analysis and recommendations on the creation a commercial construction business.

Business Situations No. 4

Five Friends Construction

Mrs. Oona Blair, Mrs. Samantha Cook, Mr. William Manahan, Mr. David Shapiro, and Mr. John Smith have requested the analysis and recommendations on the creation a commercial construction business. All parties involved either have sizeable assets, construction experience, running company, and head of a local division of a national construction company. The party will be refereed to as the “Five Friends Construction Company” within this document.

The current document will provide the Five Friends Construction Company an overall analysis of legal and regulatory issues that must be adhered to when starting their business. The company should also get in touch with the states chamber of commerce, the Small Business Association, or lawyer, to provide assistance help in the creation of this company. To determine your company needs please start with the Small Business Association, to gain direction and information on your business needs.

Mission and Vision – Five Friends Construction

The proposed owners of the Five Friends Construction Company have provided the following Mission Statement:

Five Friends Construction endeavors to be the construction corporation of preference by providing quality skilled construction services in an environment of candor and conviction, thereby profitably exceeding the expectations of our clients. Five Friends Construction is the corporation of choice; we are committed to the economic, professional, and spiritual growth of every employee. Five Friends Construction is the contractor of preference for its suppliers and subcontractors; we are committed to promoting the growth, profitability, and stability of our ...

This is a preview of the whole essay

Mission and Vision – Five Friends Construction

The proposed owners of the Five Friends Construction Company have provided the following Mission Statement:

Proposed Business Structure – Five Friends Construction

The Five Friends Construction should obtain help with an attorney and/or business advisors to define its business structure. Presently the proposed business structures are as follows: Partnership and LLP – Limited Liability Partnership, based off the information that was already provided (BusinessLaw.gov, 2004). The business will assume all "normal" business risks, when making this decision. All factors will have to be weighed when selecting any business structure.

The recommend business structure is the LLP-Limited Liability Partnership. Outlined by Pennsylvania Department of State, a Limited Liability Partnership is outlined as “an existing general or limited partnership that files an election with the Corporation Bureau, claiming LLP status on form DSCB:15-8201A. LLP status provides the general partners with limitations and additional protection on their personal liability as general partners. (PA.US, 2004)”

The limited liability partnership name must be available. (PA.US, 2004)
The actual street or rural route box number must be provided as an address of its principal place of business. A P.O. Box alone is not acceptable. A Commercial Registered Office Provider's address is acceptable. (PA.US, 2004)
The form must be signed by a general partner. (PA.US, 2004)

Another recommendation is that the Five Friends Construction partners adhere to the Small Business Administration (SBA.gov, 2004) outline in creating a partnership agreement. The SBA Outline is as follows:

Amount of equity invested by each partner
Type of business
How profits and loss will be shared
Partners pay and compensation
Distribution of assets on dissolution
Provisions for changes or dissolving the partnership
Dispute settlement clause
Settlement in case of death or incapacitation
Restrictions of authority and expenditures
Length of partnership

Naming your business – Five Friends Construction

When choosing a name for your business, the name should not only be creative, but there are also some state regulations that need to be followed. An example, some states may require a sole proprietor to use their own name as the business name, unless they formally file another name as a trade name, or fictitious name. In addition, the business should investigate in contacting the United States Patent and Trademark office, to Trademark the companies name. Consider that some business file trademarks only within their locality, so it is possible that the same name can be used elsewhere.

Licenses and Permits – Five Friends Construction Company

There are many tasks when starting a business, do not overlook the important legal requirements. There are associated with registrations, permits, taxes, and licensing. Please contact your state’s chamber of commerce, a lawyer, a business consultant, or trade associations.

Conclusion

When investigating or starting a new company, the business owners should get in touch with at least the states chamber of commerce and the Small Business Association to collect as much legal and regulatory issues that the company might be faced with.

References

BPlans.com, (2004). SBA and Palo Alto Software. Retrieved October 6, 2004 from

BusinessLaw.gov, (2004). BusinessLaw.gov Home. Retrieved October 6, 2004 from

GibbsConstruction.net, (2004). Gibbs Construction L.L.C – Build with Pride. Retrieved October 6, 2004 from

PA.US, (2004). Corporations: Pennsylvania Limited Liability Partnership. Retrieved October 17, 2004, from

TheCRE.com, (2004). CRE Watch List. Retrieved October 6, 2004 from

SBA.gov, (2004). Small Business Administration. Retrieved October 17, 2004 from