Mistakes to Avoid In a Construction Business

Have you always had a passion or construction? The perhaps you want to transform this passion of yours into a lucrative career and start a construction business? It is a great idea for sure but you will also need to be really prudent and careful when you get into something of this level. Remember that when you are a builder people will be putting a lot of trust in you and that they will expect you to get the jobs done in the way that they want it to be done. For that reason you will also be running a company that has a lot of risk and stress involved. Here are some of the most common mistakes that you can do as a building business owner that can actually ruin your business and your reputation which you must avoid at all costs.

Not Having the Correct Equipment

You really need to think about all the equipment that you will need to run a strong construction business that provides the results that your customers are looking for. You need not necessarily buy all that equipment but at the very least you should have the capacity to rent out certain machinery when they are needed without fail like automatic stirrup benders. If you do not have the right equipment you will not be able to actually sustain your business because the workers under you will also not be able to do their jobs well and your customers will begin to notice that you lack the efficiency and the professionalism that they expected from you. Sometimes all it takes it one project gone wrong in this field to decimate your reputation after which you may not be able to rebuild it again.

Not Having the Right Skilled Labour

You will also need to have the right skilled labour working with you on your projects. Of course you are leading the construction company but that does not mean that you can actually complete building a multiplex all by yourself right? Before you start thinking about opening for business always think about whether or not you are able to provide people with the high-quality services that should be a must when it comes to construction. Then think about the areas in which you will be needing the skilled labour and start to hire people who you know can work well with you on this. If you have all these set up in advance it will not be difficult at all for you to get quality projects completed that will take your business to the next level.

Not Having the Right Management Skills

When talking about skilled labour your management skills also need to come into play. You could be highly skilled at building but if you have no idea how to run a business your company will fail and you will lose all the money that you invested in it. Study as much as you can about managing your business before you hire people and start it so that you will not have any issues along the way.

Registered Agents – FAQs

Happy May! This month, we will be going over the requirements for being or maintaining a registered agent and what the registered agent does for your business.

 

Q: What is the purpose of the registered agent?

A: The registered agent is the person named to receive important legal and tax documents on behalf of a business in a given state. This includes important mail sent by the state (annual reports or statements), state tax documents, as well as any Notices of Litigation. Virtually all states require corporations, LLCs, LLPs, LPs and nonprofits to appoint a registered agent in the state where the company is formed. And, if a company registers to transact business in another state (via a foreign qualification), it will typically need a registered agent in that state too.

 

Q: What are the requirements for a registered agent?

A: The registered agent can either be an individual or a company approved by the state to be a registered agent. The registered agent must be located at a street address – P.O. boxes are not acceptable. In most cases, the registered agent also needs to be located in the state where the company is incorporated or qualified to conduct business. Keep in mind that a P.O. box is usually allowed as the mailing address for the business.

 

Q: Can I serve as my company’s registered agent?

A: Yes, absolutely! However, states require that the registered agent must be available at all times during normal business hours to receive and sign for any important documents. That’s because the state needs to make sure a summons, lawsuit, or other official state documents are actually received by the company and not “lost in the mail.” If you’re confident that you’ll always be on hand during normal business hours at the designated address, you can be your registered agent. But most small business owners prefer to have a third party serve as the registered agent for the state.

 

Q: Will my business fall out of good standing without a registered agent?

A: Here’s one scenario of what can happen. Let’s say you fail to maintain a registered agent service, or you choose to serve as your own registered agent and either move or aren’t around to receive an official communication. If an official document from the state can’t be delivered to/accepted by your registered agent, then the state may put your business in bad standing until you update the state records with an active registered agent.

 

Q: What is Service of Process?

A: This refers to the delivery of legal documents such as a lawsuit, summons, subpoena for records, wage garnishment or any other official correspondence from the state. Your business is required to have a registered agent in the state who can receive service of process during normal business hours.