A turnkey contract is a business agreement in which a company is given the responsibility of planning and building a product that can generate cash flow for the client upon completion. Cambridge Dictionaries Online uses the example of a stadium being built, while Investopedia describes Subway sandwiches as an example of a turnkey business that requires only capital and labor to begin.Continue Reading
RICS explains that the advantages of turnkey contracts include the possibility of more efficient work produced by a developer and increased time for the client to seek financing and investors. Turnkey contracts are also helpful for inexperienced clients who lack the knowledge to oversee progress. However, RICS also points out that turnkey contracts do not allow clients to have input during design and construction, which sometimes results in a less satisfactory end product. "Turnkey" is also used to describe buildings or the sale of goods and services.
In real estate, Wikipedia explains that turnkey refers to a location ready for occupation. For example, a turnkey hospital is a complete medical center that comes with a full range of pre-installed medical equipment. The term is synonymous with "off the shelf," and as a consequence, products are less customizable, such as in the sale and purchase of a turnkey car that includes the drivetrain.Learn more about Business Resources
A personal service contract is an agreement used in the entertainment industry to bind an artist to a company that manufactures, distributes or promotes the artist's works, performances or services. When an artist enters into a personal service agreement, they are often restricting their right to create work or perform outside of the company they have contracted with. Companies use personal service agreements as a means of guaranteeing that the artists who work with them, and who are generating a profit for them, will stay with those companies for the amount of time specified in the contract.Full Answer >
Some common business financial forms include balance sheets, cash flow budgets, income statement, daily cash sheets and new business cash needs forms. Other forms used to document and analyze an organization's finances include trial balance worksheets, present value tables, customer statements of accounts and the owner's personal financial statements. Forms that relate to a company's dealing with a bank or other financial institution include loan applications and monthly account reconciliations.Full Answer >
Bookkeeping is an essential cornerstone to growing and maintaining a business, and in its absence finances will inevitably suffer various complications including misplaced funds, unpredictable cash flow and an inability to act on opportunities. Every business should have a set of ledgers to keep its finances straight.Full Answer >
Select Staffing is a company that provides contracted employees to its client companies to cover business and recruitment needs. As of 2015, the company is stated to place over 100,000 people around the United States in positions with its numerous clients, including Deckers Outdoor Corporation and Mattel & Fisher Price.Full Answer >