NASCLA Contractor's Guide with 100% correct solution 2023

NASCLA Contractor's Guide3 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 when is a contractor's license needed? - correct answer when the job is over $30,000 bid documents - correct answer -invitation to bid -bid instructions -bid forms -supplements what is an invitation to bid - correct answer gives a brief overview of the project, deadlines, and general requirements bid instructions - correct answer contain specifics of how the bis should be completed and submitted bid forms - correct answer bid sheet bid schedule bidder's questionnaire on the experience financial responsibility and capability copy of the contract supplements - correct answer includes all items important to the overall bid process such as property and soil analysis what is the estimating checklist helpful for? - correct answer when setting up your estimating framework to make sure that you have accounted for all materials and labor