NASCLA Contractors study Guide with Complete Solutions 100% Correct | 2024

NASCLA Contractors study Guide with Complete Solutions 100% Correct | 2024 market analysis major competitors Financial Plan projection Advantage of a Sole Proprietorship Freedom in decision-making process Disadvantage of a Sole Proprietorship Unlimited personal liability Partnership 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 Unlimited personal liability of general partners. Partnership dissolves in the event of the death of a general partner. Purpose of Licensing A major purpose of licensing is to protect the health, safety, and welfare of the public VA Board for Contractors 7 licensed contractor members Licensing Requirements: Exemptions Any material supplier Class A Single contract - $120,000 or more 12-month - $750,000 or more License classes are determined by Net worth Class A Class B $45,000 $15,000 License Renewals 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 change of designated employee 90 days change of a business/trade name 30 days change of address 30 days Prohibited act Failure to maintain all documents relating to contract 5 years Recovery Fund