Category: Surety Bond Rates

May 2, 2017

What to Know When Hiring Employees

Your construction business is off the ground and running. Even the Wright Brothers are impressed at how you’ve taken flight! But a company is only as strong as its workers. It is important to surround yourself with people who have faith in your business.  It is also important that these people believe in your company’s virtues and philosophy. In today’s blog, we’re going to touch upon topics that are important for any small business owner: Do you know your EIN? To begin with, your employees will be filing taxes and claiming they work for you.  In year’s past, employers sometimes used their social security number as their Tax Identification Number.   This is a big no-no! You should NEVER give out your social security number! Instead, you should apply for an Employer Identification Number (EIN). You can get this from the IRS. You can do this online or through your accountant (definitely make sure you have an accountant!). In addition, any and all tax records should be kept for at least four years, for auditing purposes. Oh, but the numbers! Someone who you should work rather close with is your accountant. Don’t just call your accountant around tax season. Stay in...

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April 26, 2017

To Bond, License and Insure?

Starting your own construction business can sometimes be a leap of faith. But that faith in your business is stronger if you learn about the industry.  For example, it is important to know the benefits of being a licensed, bonded and insured construction company. Why should I be licensed and apply for permits? The simple answer is for protection, for you and your customers. It may be easier to cut corners and not apply for permits or licenses. But, if you want to have a long standing and respective business, licenses and permits are the way to go. First, you will need a general business license.  Beyond that, it is important to check with your local government and state offices to see which other license you may need. Permits are important because they help you to maintain valid parameters. By pulling a permit, you have sought the approval of your local government offices to perform the work that your customer wants. What about insurance, do I need insurance? How many insurances you need depends on the work you perform. If you directly employ workers, then you will need an insurance to protect yourself. If you drive your truck for...

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