Key Information Flashcards
Updates the code every three years
The State Code act updates the code every three years
Creates a requirement for a construction Board of Appeals for
each enforcing agency
must have a requirement for a construct
Requires 1 or more smoke detectors in existing homes built
before November 6, 1974.
Promulgates rules for pre-manufactured units.
Specifically requires that the maximum riser height is 8 1/4
inches and the minimum tread depth is 9 inches and 1 inch stair
nosing. (important)
who Is Covered by the Act?
Workers under 18 years of age and at least 14 years of age
Creates a requirement for a construction Board of Appeals for
each enforcing agency
s a requirement for a construct
hours for minors
Combined school and work not to exceed 48 hours per week
. Supervision on minors
Minors require on-site supervision by a qualified person 18
years or older
As of November 6, 1986 all employers must complete Form
1-9 for all new applicants
Must be completed within the first three (3) days of employment
Employers must retain 1-9 forms for at least three (3) years after
the date of hire or one (1) year after employment ends, whichever
is late
Key information of types on business ownership
Sole Proprietorship
Advantages:
a. Easy to establish
b. Freedom from government stipulations
c. Minor investment to get started
d. Owner determines how profits are used
- Disadvantages:
a. Owner liable for all debts
b. Liability includes personal assets
c. Proprietorship ceases upon death of the owner
d. Income tax is computed at normal individual rates on all the
earnings
of the business
General Partnership
A general partnership is the unincorporated association of two or more parties who join together as co-owners in order to establish a business
for profit.
Advantages: no income tax, merge assets,
Disadvantages:
a. Each partner is liable for the business debts of the other
partners.
b. A general partnership ceases with the death of a partner.
c. Business decisions have to be agreed upon by all partners.
d. Partners pay income taxes at the normal individual rate.
Limited Partnership
A limited partnership allows an individual to invest in a general
partnership but have no input to how the partnership is operated.
Advantages:
a. Limited liability based on investment.
b. Shares in the profits.
c. LLP pays no taxes
- Disadvantages:
a. Requires complex legal documentation.
b. Compliance with state and federal regulations.
c. Partners pay income taxes at the normal individual rate.
(shark tank)
Corporation
A corporation is a business type where-by one or more individuals
unite to form one entity. Upon meeting state corporation
requirements in reference to filing, the corporation is regarded
as being separate from the individuals that created it.
Limited Liability Company
A Limited Liability Company has the limited liability of a corporation and
the tax advantage of a partnership. The LLC has less legal requirements
and more tax and economic benefits. The owner pays taxes on earnings
as an individual, not as a corporation
S-Corporation
A S-Corporation is a corporation which has met I.R.S.
requirements to receive the benefits of being taxed as a
partnership rather than a corporation.
The requirements include:
a. Have no more than 100 shareholders
b. Must be U.S. citizens
c. There can only be one outstanding stock
S-Corporations pay no corporate taxes, however shareholders
pay taxes on dividends.
Joint Venture
Several (Business Members) come together to form a new business
entity larger and financially stronger than if they acted alone. The joint
venture combines talents & resources in order to carry out a single defined project
HOMR SOLICITATION SALES ACT
An act to regulate the sales of goods or services of more than
$25.00 by a seller to a homeowner at the residence by use of
verbal, telephonic or written solicitation
Provisions
- Provides a fine of not more than six months or not more than
$500.00 or both. - Provides a cancellation period of three business days
Uniform Commercial Code
s contravvt for te sale of goods for the price of $1,000 or more must be writtten and signed
you do contracts with owners, sub contracts with subs
Americans 1992 with Disabilities Act (ADA)
provides Federal Civil Rights protection to individuals with
disabilities. Guarantees equal opportunity for individuals with
disabilities in reference to public accommodations,
employment, transportation, state and local government
services, and telecommunications
Americans 1992 with Disabilities act Provisions
law applies to employers with fifteen or more employees
ADA Penalties
First violation related to ADA: $55,000
2. Second violation or subsequent violations: $110,000
ADA Enforcments
The ADA requirements are enforceable only through the U.S.
Dept. of Justice.
2. The BFD requirement are enforceable at the local & state level
Laws Pertaining to Employment: federal Civil RIghts ACT 1964
Prohibits discrimination based on race, color, religion, sex, or
national origin
Fair Housing/ADA:
- Applies to multi Family unit facilities (4 or more units).
- May apply to Single Family units which are funded by Federal
and State funds. - A certain percentage of units complying with ADA requirement
would be required.
Davis Bacon Act 1931
The Federal Law applies to Federal construction projects and
Federally funded projects. Wages to workers shall be based on the
“PREVAILING WAGE” of the trade in the vicinity in which the work is
performed. This Act comes under the Jurisdiction of the U.S. Dept.
of Labor
The Family Medical Leave Act:
allows employees unpaid leave for certain reasons. Up to 12 weeks
in a 12 month period. This Law pertains to employers with 50 or
more employees engaged in commerce or affecting commerce.
Michigan ACT 390 of 1978
Payment of wages and fringe benefits. Fringe benefits must be paid according to a written contract or policy
Elliott-Larsen Civil Rights Act 453 of 1976
Prohibits an employer from discriminating against an individual with respect
to employment, compensation, or other conditions because of:
Religion
Race
Color
National Origin
Age
Sex
Height
Weight
Marital Status
Elliott-Larsen Civil Rights Act 453 of 1976
B. Prohibits private employers from obtaining and maintaining
arrest records which did not result in a conviction as it relates to
a misdemeanor.
C. The Act also prohibits discrimination as it relates to housing,
public accommodations, public service, and educational facilities.
Minimum Wage Law
As of January 1, 2016, the minimum rate is $8.50 per hour.
2. After 40 hours in any one work week, compensation is 1 1/2
times the regular rat
Employing Minors Youth Employment
Standards Act
Who Is Covered by the Act
Workers under 18 years of age and at least 14 years
Examples of Hazardous Jobs
- Working with hazardous substances such as chemicals and
explosives. - Woodworking machinery.
- Logging and sawmills.
- Welding.
- WORK ON CONSTRUCTION SITES
- Slaughter houses
- Power driven tools, equipment, and machinery.
- Fast food delivery services.
Employing Minors Youth Employment
Standards Act HOURS
