NASCLA
Contractors
Guide
market
analysis
-
ANS-major
competitors
Financial
Plan
-
ANS-projection
Advantage
of
a
Sole
Proprietorship
-
ANS-Freedom
in
decision-making
process
Disadvantage
of
a
Sole
Proprietorship
-
ANS-Unlimited
personal
liability
Partnership
-
ANS-each
partner
expects
to
share
in
the
profits
and
losses
of
the
business.
Two
types
of
partnerships-
General
and
limited
Disadvantages
of
a
General
Partnership
-
ANS-Unlimited
personal
liability
of
general
partners.
Partnership
dissolves
in
the
event
of
the
death
of
a
general
partner.
Purpose
of
Licensing
-
ANS-A
major
purpose
of
licensing
is
to
protect
the
health,
safety,
and
welfare
of
the
public
VA
Board
for
Contractors
-
ANS-7
licensed
contractor
members
Licensing
Requirements:
Exemptions
-
ANS-Any
material
supplier
Class
A
-
ANS-Single
contract
-
$120,000
or
more
12-month
-
$750,000
or
more
License
classes
are
determined
by
-
ANS-Net
worth
Class
A
Class
B
-
ANS-$45,000
$15,000
License
Renewals
-
ANS-license
expire
two
years
must
file
renewal
form
within
30
days
of
the
license
expiration
fees
are
not
received
within
30
days must
reinstate
the
license
Changes
-
ANS-change
of
designated
employee
90
days
change
of
a
business/trade
name
30
days
change
of
address
30
days
Prohibited
act
-
ANS-Failure
to
maintain
all
documents
relating
to
contract
5
years
Recovery
Fund
-
ANS-to
homeowners
per
claimant
$20,000
per
contractor
$40,000
$25
assessment
minimum
balance
set
at
$400,000
If
the
balance
of
the
fund
falls
below
assessment
will
not
exceed
$50
Property
Insurance
-
ANS-covers
your
business
and
personal
property
Named
Peril
Builders'
Risk
Insurance
-
ANS-Water
damage
Transportation
Floater
and
Motor
Truck
Cargo
Insurance
-
ANS-damage
that
occurs
to
freight
during
transport
Commercial
General
Liability
(CGL)
-
ANS-bodily
injury
that
results
in
actual
physical
damage
or
loss
for
individuals
who
are
not
employees.
damage
or
loss
to
property
not
belonging
to
the
business.
Key
Man
Life
Insurance
-
ANS-partnership
if
one
of
the
partners
died
Workers'
Compensation
Insurance
-
ANS-for
employees
who
are
injured
on
the
job.
purchased
by
the
employer
VA
Coverage
Requirements
-
ANS-Under
VA
Law
Three
or
more
full-time
or
part-time
employees
Subcontractors
-
ANS-verify
their
insurance
coverage
Bond
-
ANS-is
a
risk
transfer
between
a
surety,
the
contractor ,
and
project
owner
Contractors
Guide
market
analysis
-
ANS-major
competitors
Financial
Plan
-
ANS-projection
Advantage
of
a
Sole
Proprietorship
-
ANS-Freedom
in
decision-making
process
Disadvantage
of
a
Sole
Proprietorship
-
ANS-Unlimited
personal
liability
Partnership
-
ANS-each
partner
expects
to
share
in
the
profits
and
losses
of
the
business.
Two
types
of
partnerships-
General
and
limited
Disadvantages
of
a
General
Partnership
-
ANS-Unlimited
personal
liability
of
general
partners.
Partnership
dissolves
in
the
event
of
the
death
of
a
general
partner.
Purpose
of
Licensing
-
ANS-A
major
purpose
of
licensing
is
to
protect
the
health,
safety,
and
welfare
of
the
public
VA
Board
for
Contractors
-
ANS-7
licensed
contractor
members
Licensing
Requirements:
Exemptions
-
ANS-Any
material
supplier
Class
A
-
ANS-Single
contract
-
$120,000
or
more
12-month
-
$750,000
or
more
License
classes
are
determined
by
-
ANS-Net
worth
Class
A
Class
B
-
ANS-$45,000
$15,000
License
Renewals
-
ANS-license
expire
two
years
must
file
renewal
form
within
30
days
of
the
license
expiration
fees
are
not
received
within
30
days must
reinstate
the
license
Changes
-
ANS-change
of
designated
employee
90
days
change
of
a
business/trade
name
30
days
change
of
address
30
days
Prohibited
act
-
ANS-Failure
to
maintain
all
documents
relating
to
contract
5
years
Recovery
Fund
-
ANS-to
homeowners
per
claimant
$20,000
per
contractor
$40,000
$25
assessment
minimum
balance
set
at
$400,000
If
the
balance
of
the
fund
falls
below
assessment
will
not
exceed
$50
Property
Insurance
-
ANS-covers
your
business
and
personal
property
Named
Peril
Builders'
Risk
Insurance
-
ANS-Water
damage
Transportation
Floater
and
Motor
Truck
Cargo
Insurance
-
ANS-damage
that
occurs
to
freight
during
transport
Commercial
General
Liability
(CGL)
-
ANS-bodily
injury
that
results
in
actual
physical
damage
or
loss
for
individuals
who
are
not
employees.
damage
or
loss
to
property
not
belonging
to
the
business.
Key
Man
Life
Insurance
-
ANS-partnership
if
one
of
the
partners
died
Workers'
Compensation
Insurance
-
ANS-for
employees
who
are
injured
on
the
job.
purchased
by
the
employer
VA
Coverage
Requirements
-
ANS-Under
VA
Law
Three
or
more
full-time
or
part-time
employees
Subcontractors
-
ANS-verify
their
insurance
coverage
Bond
-
ANS-is
a
risk
transfer
between
a
surety,
the
contractor ,
and
project
owner
