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PcM > PcM 04 > Flashcards

PcM 04 Flashcards

1
Q

For sole practitioners, what is the least expensive and most common firm structure?

A

Sole Proprietor
A business owned and run by one individual with no legal distinction between the Owner and business. The
least expensive type of setup and most common for sole practitioners

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2
Q

What are the two types of corporations an Architect can form?

A 
S Corporation (S-Corp)
C Corporation (C-Corp)
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3
Q

What is a Joint Venture?

A

A business agreement in which parties agree to work together for a finite time

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4
Q

Name 2 ways to terminate a proprietorship

A

Death of Proprietor

Retirement of Proprietor

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5
Q

What are the 4 components to Evidence- Base Design?

A
  1. Gather qualitative and quantitative intelligence
  2. Map strategic, cultural and research goals
  3. Hypothesize outcomes, innovate, and implement translational design
  4. Measure and share outcomes
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6
Q

What are the differences between the 2 main types of corporations available as a business structure for Architects?

A

S corporation allows income and expenses to still flow through the individual business owner
C Corporation separates the individual from the corporation

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7
Q

Which type of firm structure is the most complicated to establish, maintain, and has it’s own federal tax number?

A

Corporation which is a separate taxable entity

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8
Q

What are the characteristics (5) of an S Corp?

A
  • This is the most common structure for Architects
  • Corporation is owned by private shareholders who are actively engaged in running the practice
  • Some of the shareholders also serve as Directors or Officers, who handle the legal filing requirements for the corporation
  • Profits are passed onto the shareholders, who have to file and pay taxes on that money
  • The personal assets of shareholders cannot be used to satisfy business debts but the Architect can still remain professionally liable
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9
Q

What are the characteristics (5) of an LLC?

A
  • Provides the liability protections of a corporation with the tax advantages of a partnership
  • Members own the LLC
  • Managers are elected by the members
  • Some states prevent Architects from forming as an LLC
  • Classified as a corporate partnership for federal tax purposes
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10
Q

What is Evidence-based Design?

A

The process of basing decisions about the built environment on credible research to achieve the best possible outcomes

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11
Q

Studies in Evidence based design in hospitals has shown what advantages (9)?

A

Can lower the incidence of nosocomial infections, medical errors, patient falls, and staff injuries
Reduce stress of facility users, improve safety and productivity, reduce resource waste, and enhance sustainability.

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12
Q

Project documents consists of (2)….

A

Project Manual

Project drawings

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13
Q

The responsibility of Construction means, methods, techniques, sequences, procedures, and site safety are the responsibility of the…

A

Contractor

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14
Q

What are 4 Specialty Business Enterprises?

A

MBE: minority-owned business enterprise, where at least 51% of the firm is owned by a minority
WBE: woman-owned business enterprise, where at least 51% of the firm is owned by a female
DBE: disadvantaged business enterprise, where at least 51% of the firm is owned by a veteran, disabled veteran, or other disadvantaged groups
SBE: small business enterprise, where the size of the company meets the requirements set by the Small Business Administration (SBA)

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15
Q

In school design, what are two ways to improve teaching and learning, as well as the productivity of the space and client satisfaction?

A

Daylight

Operable Windows

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16
Q

6 considerations when choosing a legal structure for your firm

A
  • Firm size (employees)
  • Number of partners
  • State licensing board requirements
  • Amount of potential liability
  • Number of offices
  • Best way to reduce taxes
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17
Q

LLP

A

Limited Liability Partnership

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18
Q

LLC

A

Limited Liability Company

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19
Q

RFP

A

Request for Proposal

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20
Q

When the Architect is being asked to provide a written narrative, what are they responding to?

A

RFP: Request for Proposal

21
Q

In a partnership, who has potential full liability for professional errors and omissions

A

Each partner has potential full liability for professional errors and omissions

22
Q

In a partnership, does it pay federal income tax on profits?

A

No, a Partnership files a separate federal tax return (called an information return) but does not pay federal income tax on profits

23
Q

Name the 5 different types of firm structures

A
  1. Sole Proprietor
  2. Partnership
  3. Corporation
  4. Joint Venture
  5. Limited Liability Companies
24
Q

This type of firm structure is the simplest form of practice

A

Sole Proprietor

25
Q

What is a partnership firm structure?

A

Partners agree to share in job duties and profits and losses of a business

26
Q

In Sole proprietor firm structure, are they required to file state documents and federal tax forms ?

A

No, they are not required to file state documents and federal tax forms to conduct the practice, this is included in the individual’s tax return

27
Q

Most states have enacted this Act which establishes certain legal requirements for partners

A

Uniform Partnership Act

28
Q

When can a General Business Corporation be formed?

A

May be formed for any legal purpose and are subject to state requirements

29
Q

Why are Professional Corporations

established?

A

Established specifically to provide professional services and subject to restrictions in the professional corporation statue

30
Q

What is the usual method for compensating departing shareholders in a corporation?

A

Buy/Sell agreement

31
Q

In a Subchapter ‘S’ Corporation, shareholders are taxed on what?

A

They are taxed on their pro rata share of the corporation’s income

32
Q

Owners in an LLC are called this and have limited personal liability

A

Members

33
Q

Why are LLC’s classified as partnerships?

A

Classified as a partnership for federal tax purposes

34
Q

Students who are fortunate to be in a school classroom with large windows and skylights perform better on tests than those in rooms with very little natural light by this percentage..

A

Between 7 percent and 18 percent better, according to research
conducted more than a decade ago in the Daylighting in Schools study, administered by the Pacific Gas and Electric Company

35
Q

The Evidence Based Design Accreditation and Certification (EDAC) program was introduced in 2009 by the Center for Health Design to provide ____

A

Internationally recognized accreditation and promote the use of EBD in healthcare building projects, making EBD an accepted and credible approach to improving healthcare outcomes

36
Q

The Evidence Based Design Accreditation and Certification (EDAC) identifies what?

A

The EDAC identifies those experienced in EBD and teaches about the research process: identifying, hypothesizing, implementing, gathering and reporting data associated with a healthcare
project

37
Q

Evidence-based design (EBD) was popularized by

A

The seminal study by Roger Ulrich (1984) that showed the impact of a window view on patient recovery

38
Q

A white paper from the Center for Health Design identifies ten strategies to aid EBD decision-making, how many years for a lifecycle perspective?

A

Use a lifecycle perspective (30–50 years) from planning to product, exploring the lifecycle return on investment of design strategies for safety and workforce outcomes

39
Q

A white paper from the Center for Health Design

identifies ten strategies to aid EBD decision-making, the use of strategic partnerships is to create…

A

New products with hospital-staff expertise and influence

40
Q

Prevention Costs

A

The cost to train and educate staff on the right way to do things

41
Q

Appraisal Costs

A

The cost of properly reviewing and checking drawings before releasing them to the building department, Contractor, or Owner

42
Q

The Architect should assist (not responsible for legal advice) the Owner in the development and preparation of (3)

A

1) Bidding and procurement information
2) The form of agreement between the Owner and the Contractor
3) The conditions of the Contract for Construction

43
Q

The Owner is responsible to furnish

A

Necessary legal, accounting, and insurance services to accomplish the project

44
Q

What are account codes used for?

A

To keep track of time, reimbursable expense, phone, fax

45
Q

Routine communications should use…

A

Transmittals that include contact info on all correspondence, date everything, take notes, standard fax
cover letter

46
Q

Internal Failure Costs

A

The costs associated with project or process failures, such as incomplete or uncoordinated consultant drawings

47
Q

For proper communication, meetings should always include this?

A

An agenda

48
Q

External Failure Costs

A

The costs that could come from a failure after delivery of the drawings or services to the Owner

PcM (4 decks)

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