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ARE 5.0 - Business Operation > Business Organization > Flashcards

Business Organization Flashcards

1
Q

What are the five types of business organization for an Architecture firm?

A 
Sole Proprietorship 
General or Limited Partnership
Corporation 
LLC and LLP
Joint Venture
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2
Q

Main advantages of a Sole Proprietorship business?

A

Simplest type of business
Easy setup
Owner does not pay unemployment taxes (only for employees)
Can operate under owner name or fictitious name
Business does not pay taxes

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3
Q

Main disadvantages of a Sole Proprietorship business?

A

Owner has full liability

No distinction between owner and business

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4
Q

How taxes are reported and which forms are required for a Sole Proprietorship?

A

Taxes are reported at personal income of owner
Schedule C
Form 1040
Schedule SE (self-employment tax)

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5
Q

Main advantages of a Partnership business?

A

Do not pay Federal Income Taxes

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6
Q

Main disadvantages of a Partnership business?

A

All partners have equal responsibilities and liability
May be required to pay state and federal taxes
Personal property tax on furniture used by business
Self-employment tax

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7
Q

How taxes are reported and which forms are required for a Partnership?

A

Taxes are reported at personal income of the partners

Schedule K1 and Form 1065

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8
Q

What is a fiduciary?

A

highest legal duty of one party to another. Requires being bond ethically to act in others best interest. Often the task involves finances-managing the assets of another.

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9
Q

What is the difference between General Partners and Limited Partners in a Limited Partnership?

A 
General partners are responsible to run the business and are fully liable.
Limited Partners (Silent Partner) are usually investors and poses no liability. Can be a person or a corporation.
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10
Q

Main advantages of a Limited Partnership?

A

Business does not pay taxes.

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11
Q

How taxes are reported and which forms are required for a Limited Partnership?

A

Taxes are reported at personal income of the partners

Schedule K1 and Form 1065

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12
Q

Main disadvantage of a Limited Partnership?

A

May be required to pay state taxes

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13
Q

What is a Corporation?

A

Legal entity separated from its owner.

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14
Q

Who are the members of a Corporation?

A

Officers, Directors and Shareholders

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15
Q

What are the two types of corporation?

A

C and S corporation

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16
Q

Main advantages of a C corporation?

A

No liability to the owners (max. to lose is the investment)

They are governed at state level

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17
Q

Main disadvantages of a C corporation

A

Company pay taxes and shareholders report their dividends at personal income, causing double taxation

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18
Q

What are the internal requirements for a C corporation to operate?

A 
Hold at least one meeting each year
Must keep Bylaws at the main office
Must keep voting records by directors 
Must keep records of owners' name and percentage
Must have a board of directors
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19
Q

How a C corporation file their taxes?

A

Annually by financial disclosure and statement

Must file Form W2, W4 and SS4

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20
Q

What type of taxes a C corporation pay?

A

State, income, payroll, unemployment, and disability

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21
Q

What does the IRS require for a business to operate?

A

File Form SS-4 (EIN - Employer Identification Number)

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22
Q

What is an Article of Incorporation?

A

Set of formal documents filed with a government body to legally document the creation of a corporation

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23
Q

What is the content of an Article of Incorporation?

A

Name, address, agent for service of process and amount/type of stock

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24
Q

What is an Agent of Service?

A

Person or company assigned to accept the Service of Process (court documents) on behalf of the company. If a lawsuit is about to happen, this person needs to be informed prior it can have legal effect

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25
Q

Main advantages of a S corporation?

A

It enjoyes the benefit of a corporation while being taxed as a Partnership
It does not pay income taxes
Separate assets, no liability to owners
Expenses of shareholders can be counted as business

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26
Q

Main disadvantages of a S corporation?

A

Cannot make international business
Considered a domestic company
Some states do not recognize
Partnerships, Corporations or non-residents aliens do not qualify as shareholders
If profit is invested in the company, owners will still be taxed

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27
Q

What are the internal requirements for a S corporation to operate?

A

Cannot have more than 100 stockholders
Must hold shareholders meetings
Shareholders must receive a reasonable salary (as per market), even if the company is not profitable

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28
Q

What are the types of corporation that an Architectural firm can qualify?

A

General Stock Corporation

Professional Architectural Corporation

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29
Q

What is a General Stock corporation?

A

Legal business entity separated from its shareholders. It has an unlimited number of shareholders, licensed or unlicensed.

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30
Q

What is a Professional Architectural Corporation?

A

Legal business authorized to render professional services, so long as the members (officers, directors and shareholders) are licensed in compliance with the Moscone-Knox Act

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31
Q

What is the Moscone-Knox Professional Corporation Act?

A

General corporation law which govern the professional corporation of California, which has the California Architects Board as its governmental agency

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32
Q

What is a LLC type of business?

A

Limited Liability Corporation

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33
Q

Main advantages of a LLC?

A

Separate assets, no financial liability to owners
Free of legal requirements from corporations
Can be formed by a person or a business
Business does not pay taxes
Protect from any debt or liability of the business

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34
Q

Main disadvantages of a LLC?

A

Not protected from liability (error, negligence) of another partner
LLC certificate or another type of license may be required

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35
Q

How are the LLC taxes reported?

A

At personal income of the owners

Must pay self-employment taxes

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36
Q

What situation would make a LLC pay taxes as a business?

A

If income is reported as a Sole Proprietorship, Partnership or Corporation (S or C)

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37
Q

What is a LLP type of business?

A

Limited Liability Partnership

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38
Q

Main advantages of a LLP?

A

A partner can be protected from the liability of another partner
Partner only liable for their negligence or someone working under the direct supervision
Business not required to pay taxes on its profit

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39
Q

Main disadvantage of a LLP?

A

Not a separate entity for taxation income purposes
Restricted to licensed professionals
LLP Certificate or another type of business license may be required

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40
Q

In California, licensed professionals can only open what type of business?

A

LLP (Limited Liability Partnership)

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41
Q

What is a Joint Venture?

A

Temporary association of two or more persons or firms with an agreement to completing a specific project

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42
Q

Main advantages of a Joint Venture?

A

It cannot be sued
It is not in itself a legal entity
No change in the identity of the companies involved
Depending on the laws of the state, profit can be taxed as a partnership or separately

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43
Q

Before a Joint Venture is formed, what type of agreement should be developed?

A

Teaming Agreement or Memorandum of Understanding (MOU)

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44
Q

What is a Memorandum of Understanding?

A

Formal agreement to form a Joint Venture, that defines the roles, responsibilities, and contractual relationship that will be established. Profit/losses and how the work will be completed are part of this document

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45
Q

Is the Teaming Agreement legally binding?

A

No, but carry a degree of seriousness and mutual respect, stronger than a gentleman’s agreement

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46
Q

What is the other name for a Teaming Agreement in a Joint Venture?

A

Memorandum of Understanding (MOU)

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47
Q

In a Joint Venture, Profit/losses and how the work will be completed should be part of which document?

A

Memorandum of Understanding (MOU) or Teaming Agreement

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48
Q

At what phase, a Joint Venture is proposed?

A

Marketing

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49
Q

What is a Prime-Consultant Agreement in a Joint Venture?

A

Document used to request or provide information that is needed to prepare the design and contract documents. A MOU can be used to form it

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50
Q

Why a firm would create a Joint Venture with another?

A

The firm does not have enough staff or need the expertise of another company to complete a project

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51
Q

What is the Standard of Care?

A

Legal concept that defines the level of skill and diligence that a reasonable prudent architect would exercise in the same community, time frame and given facts and circumstances

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52
Q

Why architects should avoid the phrase “ with the highest standards”?

A

Liability may increase

Can make the architect’s work uninsurable

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53
Q

In the Standard of Care, what at “the same time” means?

A

When the project is designed or built, not at the time of the dispute

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54
Q

In the Standard of Care, what at “the same community” means?

A

Same location

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55
Q

In the Standard of Care, what at “the same circumstances and facts” mean?

A

Budget, schedule, complexity

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56
Q

What is the other name for the Standard of Care?

A

Due Diligence

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57
Q

What are the main aspects to be considered in the organization of an architectural office?

A

Work Organization (departments or studio)
Support Staff
Regulations governing practice

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58
Q

How can an architectural office be structured?

A 
By departments (horizontal of flat)
By Studios (vertical or tall)
Mixed in departments and studios
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59
Q

Main characteristics of a Departmental structure?

A

Staff organized in departments
Each department specialized in a different function
Every department works in every project as needed
The project moves through all departments, from start to finish
Creates an “economy of scale”
Full use of specialists
Very efficient, standardize and fine-tune process

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60
Q

What is “Economy of Scale”?

A

Proportionate saving in costs gained by an increased level of production

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61
Q

Main disadvantage of a Departmental structure?

A

Can be inflexible and resistant to innovations/changes
Maybe challenging to keep a good communication
Maybe difficult for employees to gain experience or share their knowledge outside their specialties

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62
Q

Main characteristics of a Studio structure?

A

Organized around groups of employees
Each studio is responsible to complete an entire project
Formed based on particular strength and expertise
Close and immediate communication
Synergy that comes from sharing ideas and group problem solving

63
Q

Elements that define “Standard of Care”?

A

Same time frame
Same community
Same or similar facts and circumstances

64
Q

What is outsourcing?

A

Contract with another company (third party)

65
Q

Usually at what phase outsourcing happens?

A

Construction Document for rendering services

66
Q

Who are the support staff in an architecture firm?

A

Administrative assistants, receptionist, bookkeepers, marketing people, model builders, and technology assistants

67
Q

At what level an architecture firm must conform with governmental laws and regulations?

A

local, state and federal

68
Q

What are business licenses used for?

A

Allow the business to practice

Serve as the basis for taxation

69
Q

The Employer Identification Number (EIN) is issued by what governmental agency?

A

Secretary of State’s Office

70
Q

What is a Certificate of Authorization (COA)?

A

Registration required by some states for a firm to operate

71
Q

What is a Form W-4?

A

Employee’s Withholding Allowance Certificate.

It is filled out by the employee indicating the number of deductions claimed (ex. number of dependents)

72
Q

What is a Form W-2?

A

Form that reports wages paid to employees and the taxes withheld from them for the previous year

73
Q

When should an employer provide the W-2 to an employee?

A

at the beginning of each year. No later than January 31th

74
Q

What tax deductions are part of the W-2?

A

Federal, state, city, and FICA

75
Q

What is FICA?

A

Federal Insurance Contribution Act (money taken from workers to pay older American social security)

76
Q

How often, Sole Proprietorship and Partnership should file taxes?

A

Every quarter, as estimated

77
Q

Why Sole Proprietorship and Partnership must file self-employment taxes?

A

To cover for Social Security and Medicare

78
Q

What city taxes an architecture firm can be subjected?

A 
City income
Employment
Occupational Privileges
Use taxes 
Property taxes (if firm owns any)
79
Q

How often a professional license must be renewed?

A

Annually or biannually

80
Q

What is necessary for a person to become an architect?

A

Have a Bachelor or Master Degree in Architecture
Complete the NCARB AXP (Architect Experience Program)
Pass NCARB exams (ARE) and in some states a supplement exam

81
Q

Can a person without a degree become an architect?

A

Yes, if complete the requirements of NCARB Broadly Experienced Architect (BEA) program

82
Q

Ethical Standards must conform to which laws?

A

Federal, state, provincial and local

83
Q

What is the main source for the Ethical Standards?

A

American Institute of Architects (AIA) Code of Ethics & Professional Conduct

84
Q

Can the penalties of the Code of Ethics & Professional Conduct of the AIA be applied to non-members?

A

No, but it is the main guidance in general for all professional

85
Q

What are the five most important changes to the 1909 AIA Code of Ethics?

A 
Compete on the basis of fee
Advertise
Replace another architect on a project
Engage in design-build projects
Offer free design services to secure a commission
86
Q

How the AIA Code of Ethics is arranged?

A

Canons - broad principles of conduct
Ethical Standards - specific goals to aspire
Rules of Conduct - specific, mandatory statements to be followed

87
Q

What are the Canons of the AIA Code of Ethics?

A 
I - General Obligations
II - Obligations to the Public
III - Obligations to the Client
IV - Obligations to the Profession
V - Obligation to the Colleagues
VI - Obligation to the Environment
88
Q

Main guidelines for the General Obligations?

A

Knowledge and skills
Raise architectural standards in aesthetics, education, research, training and practice
Respect/seek to improve society and environment
Exercise professional judgement
Uphold human rights
No discrimination

89
Q

Main guidelines for the Obligations to the Public?

A

Uphold the law
Never try to influence a public official with a payment
Never accept payments intended to influence their judgment
Never help a client with anything fraudulent or ilegal
Promote and serve the public interest
Render Pro Bono services
Be involved in civic activities
Strive to improve public appreciation of architecture

90
Q

What is a Pro Bono service?

A

Serve the community with no financial compensation

91
Q

Main guidelines for the Obligations to the client?

A

Serve competently and professionally
Exercise unbiased (impartial) judgment
Not accept projects beyond their professional capacity
Avoid conflicts of interest
Be truthful in professional communications
Keep clients informed about their projects
Maintain client confidentiality

92
Q

Main guidelines for the Obligations to the Profession?

A

Uphold the integrity and dignity of the profession
Practice with honesty and fairness
Not sign and seal documents for which they do not have responsible control
Not knowingly make false statements
Be honest about their qualifications and about the work they claim credit for

93
Q

Main guidelines for the Obligations to the Colleagues?

A

Respect the rights of their colleagues and acknowledge their professional contributions
Provide associates and employees with suitable working conditions and fair compensation
Nurture fellow professional through their education, internships, and careers
Give credit to others for their professional work

94
Q

Main guidelines for the Obligations to the Environment?

A

Be environmentally responsible
Promote sustainable design in their professional work
Advocate sustainable buildings and site design
Use sustainable practices within their firms and encourage clients to do the same

95
Q

Main functions of Human Resources in a firm?

A

Hiring
Compensation
Managing and terminating employees
Legal responsibilities

96
Q

What are the model rules of conduct?

A 
Competence
Conflict of interest
Full disclosure
Compliance with laws
Signing and sealing documents
97
Q

What could happen to an architect if he/she signs-seal drawings that are not his?

A

Owner has 12 months after permit to complain with AIA (if architect is a member)
Complain may be filed even after the 12 month period if project is still ongoing

98
Q

What is necessary to prove negligence against an architect?

A

Legal duty between parts (signed contract)
Breach of duty
Breached of duty caused damage
Failure of Standard of Care

99
Q

When hiring, what questions should be avoided?

A

Age, race, marital status, origin or maiden name

100
Q

What is the best way to avoid future issues when hiring?

A

Be careful with legal responsibilities involved
Detailed contract
Non-compete clause or restrictive covenant

101
Q

What is a Non-compete clause of Restrictive Covenant?

A

Limits or prohibits employee to work to another firm (same business/ same geographic area) after leaving the company, in order to avoid setting up the competition and passing confidential information

102
Q

What points should be described in a contract between employee and employer?

A 
Responsibilities
Work duties
Compensation
Work conditions
Termination
Policies on accepting working from outside
Non-compete clause
103
Q

What is moonlighting?

A

Have a second job in addition to one’s regular employment

104
Q

If a employee is hired without a contract, what type of agreement is needed?

A

“Employment at Will”

105
Q

Main characteristic of a “Employment at Will”?

A

It can be terminated at any time without explanation from any of the parts

106
Q

What is a Tort?

A

Civil wrong resulting from negligence (not a criminal act)

107
Q

Three commonly used defenses an architect can use if sued for liability and/or negligence?

A

Betterment
Statute of Repose
Statute of Limitation

108
Q

Main advantage of a Studio structure vs. a Departmental structure?

A

Best opportunity for group problem-solving

109
Q

Main points that an employer must make clear to an employee when hiring?

A 
Responsibilities
Work duties and compensation
Firm benefits
Working conditions
Termination procedures
110
Q

Points that defines an independent contractor (freelancer)?

A

Behavioral control
Financial control
Relationship between employer and worker

111
Q

Advantages of hiring a independent third part person/company

A

Not necessary to withhold taxes
No benefits
No relationship employee-employer

112
Q

What are the basis for a productive professional team?

A

Comfortable and well planned environment
Effective tools and software
Good management and communication

113
Q

What are the outlines of a management and communication business plan?

A

Direction for all phases of the operation
Policy statements concerning personnel
Stable financial plan
Project management procedures

114
Q

What are the main procedures for a good management?

A

Guidance through clear directions to achieve the most productivity results
Share the goals and objectives of the firm to all members
Open to hear suggestions and complains
Seek for improvements and education

115
Q

What should be defined in order to have a good work organization?

A

Method of completing project
Who is responsible for each task and who reports to whom
Written job description for all positions
Personnel Policy Manual and Book of Rules

116
Q

What is a Personnel Policy Manual?

A

States the firm’s commitment to employees, clients and the public at large. Contains statements regarding office organization, employment polices, office procedures, salary and benefits, and professional development.

117
Q

What is a Book of Rules?

A

States disciplinary action

118
Q

What is compensation?

A

Any kind of payment made to an employee for the work

119
Q

What is included in a compensation?

A

Benefits (bonuses, paid vacation, sick days leave, health/dental/vision insurance, education benefits, retirement plans, travel expenses and life insurance

120
Q

What are Fringe Benefits?

A

Use of companies car
Gym membership
Company’s property (vacation house for instance)

121
Q

What type of optional benefits a company can offer?

A 
Flextime
Flexible Benefit Package
Office -sponsored events
Floating days
Sabbaticals
Flexible days off
Compensation alternatives
Annual Performance Bonuses
Profit Sharing
Wellness
Company Car
Community Involvement
Professional Dues
Office Amenities
Continuing Education
Family Medical Leave
122
Q

Employee evaluation, two topics that should not dominate the conversation?

A

Single high point

Rare poor performance

123
Q

How often and who is in charge of evaluating the employee?

A

Usually annually, by the manager

124
Q

How evaluations of personnel benefits the firm?

A

Serve as basis for pay increases, promotions and terminations
Help to understand the strengths and weaknesses of employee
Help direct hiring
Help protect the firm from claims by employees
Necessary for the growth of the company and employee

125
Q

How should a evaluation be conduct?

A

Treating all employees equally
Based on job description
Should be focused in the results not in specific actions (highs or lows)

126
Q

What is the objective of an employee evaluation?

A

If the employee performance reachs the goal of the evaluation
Help employee to improve his/her perfomance

127
Q

Employee evaluations should be a result of?

A

Ongoing management and project decisions, rather than just a date in the calendar

128
Q

Best way to make an employee evaluation productive?

A

Make sure that employee clear understands roles, guidelines and expectations
Objectives should be measurable
Use of standard forms to maintain consistency from sessions
More than one person to evaluate
Strength and weakness should be discussed, praising the good and address the shortcomings, with definite steps to improvements
Written summary provided to employee (it helps track process)

129
Q

Should financial rewards be given ONLY as a result of good performance?

A

No, it may be a result of , but are not necessarily dependent on it

130
Q

Why internship is the best way to gain experience?

A

Because involves participation in activities of real projects

131
Q

What are the NCARB’s prerequisites for the path for licensure?

A

ARE exam

AXP (Architectural Experience Program)

132
Q

What are the guidelines for the AXP program?

A

Number of hours devoted to various professional tasks
Documenting and reporting this hours to NCARB
Must have a licensed architect as supervisor or mentor

133
Q

What is a Quality Control Circle?

A

Small group of employees who meets regularly with management to solve problems and improve the quality of work and productivity

134
Q

What is the difference in between Employee-generated actions and Employer-mandated actions?

A

Employee-generated actions produce more enthusiasm

135
Q

What is a Study Group for specific project?

A

Group composed of heads of each department focused on generating and evaluating ideas to be submitted to the principals for study and implementation

136
Q

Can an employee become involved financially with the company? How?

A

Yes, through Employee Stock Ownership (ESOP)

137
Q

What is a ESOP plan?

A

Employee Stock Ownership Plan.

138
Q

How a ESOP works?

A

Company set up a trust (give employee stock)
Stock is allocated through several formulas
After 10 to 15 years employee becomes fully vested (secured)
Offers tax advantages and financing opportunities
Usually for large firms
Complicated and expensive to set up

139
Q

Main reasons for termination?

A

Low business volume

Unacceptable behavior

140
Q

What would be considerer an unacceptable behavior?

A 
Incompetence
Low productivity
Chronic lateness/Absences
Negligence
Dishonesty
Sexual harassment
Fraud
Theft
Insubordination
Ilegal activity
Noncompliance w/company's policy
141
Q

What reasons would not justify a termination?

A

Age
Activities outside work hours (except moonlighting if it is part of the company’s policy)
Missing working for military obligations or Judge Jury
Reporting company violation on health of safety laws

142
Q

What are the legal requirements of a firm?

A

Comply with employer-employee relationship regulations

It is based on the firm’s size

143
Q

What regulations are applicable to all employers?

A

Civil Rights Act 1964
Equal Employment Opportunity Act 1972
The National Labor Relations Act (Wagner Act)
The Equal Pay Act
Employee Eligibility Verification
The Wages and Fair Labor Standards Act (FLSA)
The Occupational and Safety and Healthy Act 1970 (OSHA)
The Healthy Insurance Portability and Accountability Act 1996 (HIPAA)
The Employee Retirement Income Security Act (ERISA)

144
Q

What regulations are applicable to firm’s with more than 15 employee?

A

The Consolidated Omnibus Budget Reconciliation Act 1986 (COBRA)
The Civil Rights of 1991
The Age Discrimination in Employment Act 1967 (ADEA)
American with Disability Act (ADA)

145
Q

What regulations are applicable to firm’s with more than 50 employees?

A

The Family and Medical Leave Act (FMLA)

146
Q

What is the Wagner Act?

A

Private employees organized into trade unions. Protect these employees from unfair labor practices by employers.

147
Q

What is OSHA?

A

The Occupational and Safety and Healthy Act of 1970. Requires employers to provide safe work environment, including first kits, signs with safety information, and fire extinguishers

148
Q

What should be included in a good marketing plan?

A 
Type of work
Geographic areas
What is the competition
How much work is needed
A dedicated budget
149
Q

What are the main marketing technics?

A 
Networking
Corporate Identity
Brochures
Websites
Social Media
Newsletter
Power Point presentations
Advertising
Past clients
Squatter' sessions
150
Q

What is the main characteristic of Public Relations?

A

It is not tied to a particular job or potential client

151
Q

Main goals of Public Relations?

A

Create a positive image of the firm to the targeted audience
Communicate how its services mesh with a particular community
Use a language that is familiar to the audience

152
Q

What is a Press Release?

A

Short statement about a company’s event sent to the press.

Must follow publication’s format and editorial standards

153
Q

Vehicles that can be used for Public Relations?

A

Articles in magazines (main projects or written by the architect)
Organize seminars and workshops
Volunteering for local service groups or projects
Get involved with politics
Open House for the public

154
Q

Before releasing information or photographs from a project, what should be done?

A

Request permission and approval from the client to avoid violating nondisclosure agreements

ARE 5.0 - Business Operation (2 decks)

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