@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
aw, and9/25/2026,
Project Management.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3:19:07 PMNASCLA Contractors Guide to Business, Law, and Project Management.pdf@@@@@@@@@@@@@@@
NASCLA Contractors Guide to Business,
Law, and Project Management
Elements of a Business Plan
Cover Page, Executive Summary, Company Summary, Products & Services,
Market Analysis, Marketing Strategy, and Financial Plan
Sole Proprietorships
Adv: Min legal restrictions, simple ownership form, low startup costs, sole
ownership of profits, freedom in decision making process.
Disadv: Unlimited personal liability, less available capital, possible difficulty in
obtaining long-term financing, dissolution of the business in the event of the
owner's death.
*SOLE PROPRIETORSHIP THE EASIEST TO SET UP
Partnerships
-Can be formed through an oral agreement.
-General Partners own the assets of the company.
-Limited partnership consists of one or more general partners and one or more
limited partners.
-Limited partners have limited liability in the company.
-If a general partner leaves the company, the partnership dissolves
-All owners in a general partnership have personal and unlimited liability for all
actions undertaken in the name of the business, including all debts
-Limited Partners have no personal liability for the business.
*GENERAL PARNERSHIPS EXIST AS LONG AS PARTNERS REMAIN
*EACH PARTNER IS TOTALLY LIABLE FOR ACTS IN THE PARTNERSHIP
C Corporations
-Incorporation gives your business a legal existence that goes beyond the life of
its shareholders die.
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
w, and NASCLA
Project Management.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide to Business, Law, and Project Management.pdfNASCLA Contractors Guide to Business, Law, and Proj
,@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
aw, and9/25/2026,
Project Management.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3:19:07 PMNASCLA Contractors Guide to Business, Law, and Project Management.pdf@@@@@@@@@@@@@@@
-The owners of the corp - known as stockholders - are not personally liable for
the losses of the business.
S Corporations
-Can avoid double federal taxation by electing to be treated as an S Corp
-S Corp passes its items of income, loss, deduction, and credits through to its
shareholders to be included on their separate returns.
Limited Liability Corporation (LLC)
-Shares characteristics of both sole proprietorship and corporate identities
- Ownership in the LLC is invested in memberships rather than shares of stock
-Offers some protection from liability for actions taken by your company, but does
not protect from liability for personal actions.
-Like an S Corp, federal income taxes are paid only on income distributed to
members as ordinary income. An LLC with more than 1 owner may elect to be
taxed as a partnership or as a corporate entity.
NC Licensing Board for General Contractors
LICENSING BOARD TO PROTECT THE PUBLIC
Commercial General Liability (CGL)
CGL Insurance offers basic liability coverage. Covers 4 types of injuries:
1. bodily injury for individuals who are NOT employees
2. damage or loss to property NOT belonging to the business
3. personal injury, including slander or damage to rep
4. advertising injury
Business Owner's Policies (BOPs)
BOPs bundle property and liability coverage together. Can eliminate gaps
between separate property and liability policies.
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
w, and NASCLA
Project Management.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide to Business, Law, and Project Management.pdfNASCLA Contractors Guide to Business, Law, and Proj
aw, and9/25/2026,
Project Management.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3:19:07 PMNASCLA Contractors Guide to Business, Law, and Project Management.pdf@@@@@@@@@@@@@@@
NASCLA Contractors Guide to Business,
Law, and Project Management
Elements of a Business Plan
Cover Page, Executive Summary, Company Summary, Products & Services,
Market Analysis, Marketing Strategy, and Financial Plan
Sole Proprietorships
Adv: Min legal restrictions, simple ownership form, low startup costs, sole
ownership of profits, freedom in decision making process.
Disadv: Unlimited personal liability, less available capital, possible difficulty in
obtaining long-term financing, dissolution of the business in the event of the
owner's death.
*SOLE PROPRIETORSHIP THE EASIEST TO SET UP
Partnerships
-Can be formed through an oral agreement.
-General Partners own the assets of the company.
-Limited partnership consists of one or more general partners and one or more
limited partners.
-Limited partners have limited liability in the company.
-If a general partner leaves the company, the partnership dissolves
-All owners in a general partnership have personal and unlimited liability for all
actions undertaken in the name of the business, including all debts
-Limited Partners have no personal liability for the business.
*GENERAL PARNERSHIPS EXIST AS LONG AS PARTNERS REMAIN
*EACH PARTNER IS TOTALLY LIABLE FOR ACTS IN THE PARTNERSHIP
C Corporations
-Incorporation gives your business a legal existence that goes beyond the life of
its shareholders die.
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
w, and NASCLA
Project Management.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide to Business, Law, and Project Management.pdfNASCLA Contractors Guide to Business, Law, and Proj
,@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
aw, and9/25/2026,
Project Management.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3:19:07 PMNASCLA Contractors Guide to Business, Law, and Project Management.pdf@@@@@@@@@@@@@@@
-The owners of the corp - known as stockholders - are not personally liable for
the losses of the business.
S Corporations
-Can avoid double federal taxation by electing to be treated as an S Corp
-S Corp passes its items of income, loss, deduction, and credits through to its
shareholders to be included on their separate returns.
Limited Liability Corporation (LLC)
-Shares characteristics of both sole proprietorship and corporate identities
- Ownership in the LLC is invested in memberships rather than shares of stock
-Offers some protection from liability for actions taken by your company, but does
not protect from liability for personal actions.
-Like an S Corp, federal income taxes are paid only on income distributed to
members as ordinary income. An LLC with more than 1 owner may elect to be
taxed as a partnership or as a corporate entity.
NC Licensing Board for General Contractors
LICENSING BOARD TO PROTECT THE PUBLIC
Commercial General Liability (CGL)
CGL Insurance offers basic liability coverage. Covers 4 types of injuries:
1. bodily injury for individuals who are NOT employees
2. damage or loss to property NOT belonging to the business
3. personal injury, including slander or damage to rep
4. advertising injury
Business Owner's Policies (BOPs)
BOPs bundle property and liability coverage together. Can eliminate gaps
between separate property and liability policies.
@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@
w, and NASCLA
Project Management.pdf@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Contractors Guide to Business, Law, and Project Management.pdfNASCLA Contractors Guide to Business, Law, and Proj
