Smart Business for Contractors : A Guide to Money and the Law

by KRAMON, JIM

• ISBN13: 9781561584116
• ISBN10: 1561584118
• Format: Trade Paper
• Copyright: 2001-04-01
• Publisher: Taunton

Summary

Running a small business can be daunting to the contractor whose expertise is in building -- not finance or law. This book helps demystify the day-to-day challenges that contractors face. It includes advice on how to submit an accurate bid, charge a fair price, and not overlook overhead and fixed costs.

Author Biography

Jim Kramon is a managing partner of Kramon and Graham, a 20-person law firm in Baltimore, Maryland, that routinely represents small contractors and tradespeople.

Table of Contents

Introduction	2	(3)
Money Matters: Pricing, Billing, Collecting	5	(21)
How to Price Your Work	6	(1)
Using the Hourly Rate Approach	7	(9)
Keeping Track of Expenses	16	(1)
Billing and Collecting Payments for Your Work	17	(9)
Putting It in Writing: Contracts and Beyond	26	(19)
Estimates and Contracts	26	(9)
Following through after the Contract	35	(3)
Contract Disputes	38	(7)
Running and Growing Your Business	45	(21)
Setting Up Your Office	46	(3)
Working Smart	49	(9)
Getting Help	58	(3)
Growing Your Business	61	(5)
Managing the Paper Chase	66	(16)
Getting Motivated	66	(2)
What Is a Record?	68	(3)
What Records to Keep and How to Keep Them	71	(6)
When It's Time to Use the Records	77	(3)
Getting Help with Record Keeping	80	(2)
Drawing the Line: Business vs. Personal Finances	82	(11)
Legal Reasons for Separating Business and Personal Finances	83	(3)
Good-Sense Reasons for Separating Business and Personal Finances	86	(3)
Methods for Separating Business and Personal Finances	89	(4)
Sizing Up Your Options: Corporations, Partnerships, Employees	93	(20)
Look to the Future First	94	(1)
Should I Incorporate?	95	(7)
Business Expansion: Employees, Job Sharing, Subcontractors	102	(4)
Taking on a Partner	106	(3)
Hiring a Lawyer	109	(4)
Taxes: Plain and Simple	113	(15)
Tax Estimating and Reporting Requirements	115	(5)
For the Do-It-Yourselfers	120	(1)
Tax-Related Issues for Contractors	121	(2)
Selecting the Right Accountant	123	(5)
Insurance: Money Well Spent	128	(18)
Types of Insurance	129	(1)
Insurance to Protect Your Business	130	(7)
Insurance for Employees	137	(3)
Including Insurance Costs in Your Prices	140	(2)
Filing Claims	142	(1)
Working with an Agent or Broker	143	(3)
Medical Insurance: How to Live with It	146	(18)
Basic Medical Coverage	147	(1)
Group Medical Coverage	148	(3)
Types of Medical Insurance Plans	151	(3)
Selecting the Right Medical Insurance	154	(5)
Medical Insurance and Taxes	159	(1)
Making the Best Use of Your Health Care Coverage	160	(4)
Disability: Anticipating the Solution	164	(14)
Disability: A Clear and Present Danger	165	(1)
Disability Insurance	165	(7)
Other Solutions for Dealing with Disability	172	(6)
Retirement Planning: Never Too Early	178	(19)
Getting Started	178	(1)
Defining Your Objectives	179	(2)
Estimating Your Future Expenses	181	(1)
Retirement Income: Putting Together the Pieces	181	(12)
Balancing Income with Expenses	193	(1)
Medical Care During Retirement	194	(1)
Retirement and Estate Planning	195	(2)
Glossary	197	(4)
Index	201