NASCLA Contractor's Guide, NASCLA Contractors Guide Questions and Answers Solved Correctly

3 elements of a business plan - -cover page -executive summary -company summary -products and services -market analysis -marketing strategy -financial plan advantages of sole proprietorship - -minimal legal restrictions -simple ownership form -low start up costs -sole ownership of profits -freedom in decision making process disadvantages of sole proprietorship - -unlimited personal liability -less available capital -possible difficulty obtaining long-term financing -dissolution of the business on the even of the owner's death who has limited liability in the company? - limited partners advantages of a general partnership - -ease of formation -direct profit rewards -larger management base than that of a sole proprietorshipdisadvantages of a general partnership - -unlimited personal liability of general partners -multiple decision makers -limited life of the business -changes of partners or partnership agreement may be difficult -partnership dissolves in the event of the death of a general partner bid documents - -invitation to bid -bid instructions -bid forms -supplements