Construction Estimation | Cost Estimating Exam Set Test Questions And Revised Correct Answers
Construction Estimation | Cost Estimating Exam Set Test Questions And Revised Correct Answers Individual Proprietorship - ANSWER : -Easiest and least expensive to establish -Proprietor owns/operates all transactions of business in his/her name -Maximum degree of freedom from governmental regulations Individual Proprietorship Requirements - ANSWER : -Insurance -Tax registration -Business Licensure Note: Personal assets are at risk General Partnership - ANSWER : Agreement between two or more individuals. -Co-owners of a business -Share responsibility and liability for each other's actions within the scope of the business - Considered self-employed, means they are not employees of the partnership and no income tax withholding or employee benefits -Operate under a "Written Articles of Partnership" which details the terms of the partnership -Personally liable for business debts (personal assets may be at risk General partnerships are... - ANSWER : generally not a legal entity. In some cases, Partnerships can be a legal entity: - ANSWER : - Can own property in the name of the partnership -Can have employees -Can sue and be sued in the name of the partnership
Written for
- Institution
- Construction
- Course
- Construction
Document information
- Uploaded on
- March 27, 2024
- Number of pages
- 25
- Written in
- 2023/2024
- Type
- Exam (elaborations)
- Contains
- Questions & answers
Subjects
- cost estimating
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construction estimation cost estimating exam se
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