NASCLA Contractor's Study Guide 2024.
NASCLA Contractor's Study Guide 2024.3 elements of a business plan - correct answer -cover page -executive summary -company summary -products and services -market analysis -marketing strategy -financial plan advantages of sole proprietorship - correct answer -minimal legal restrictions -simple ownership form -low start up costs -sole ownership of profits -freedom in decision making process disadvantages of sole proprietorship - correct answer -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? - correct answer limited partners advantages of a general partnership - correct answer -ease of formation -direct profit rewards -larger management base than that of a sole proprietorship disadvantages of a general partnership - correct answer -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
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