VA Contractors License AVAC Questions
Correctly Solved
Who bears liability for all actions taken by the business in a sole proprietorship? -
✅✅ You bear personal liability for all actions undertaken in the name of the
business
What is an advantage of a sole proprietorship? - ✅✅ Freedom in decision-
making process
What is a disadvantage of a sole proprietorship? Unlimited personal ability,
multiple decision makers
In a general partnership, who has liability for all debts? - ✅✅ All owners in a
general partnership have personal and unlimited liability for all actions undertaken
in the name of the business, including all debts.
Do General Partnerships have to register in VA and with whom? - ✅✅
Partnership statements are not mandatory but may be filed with the corporation
commission by completing the statement of partnership Authority FORM UPA-93.
If a statement was filed in another state, a duly authenticated copy may be filed
with the commission. The filing fee is $25
Do Limited Partnerships have to register in VA and with whom?- ✅✅ To
register a Virginia limited partnership, you must file the certificate of limited
,partnership form LPA 73-11 with the VA Corporation Commission. The filing fee
is $100. An annual fee of $50 is assessed each year on July 1.
How does one register a Stock Corporation in VA?- ✅✅ To register a VA stock
corporation you must file Articles of Incorporation FORM SCC 619 with the VA
Corporation Commission
How can a corporation avoid double federal taxation on dividends?- ✅✅ If your
business is an eligible domestic corporation, you can avoid double federal taxation
(corporate a C corporation) by electing to be treated as an S corporation under the
rules of Subchapter S of the Internal Revenue Code.
How does one register an LLC in VA?- ✅✅ To register a VA LLC you must file
the Articles of Organization FORM LLC 1011 with the VA Corporation
Commission. The filing fee is $100. An annual fee of $50 is assessed each year on
July 1
Who must secure a contractor's license in Virginia?- ✅✅ As defined under VA
licensing law, the term contractor "means any person that for a fixed price,
commission, fee or percentage undertakes to bid upon or accepts, or offers to
accept, orders of contracts for performing, managing, or superintending in whole
or in part, the construction, removal, repair or improvement of any building or
structure permanently annexed to real property owned, controlled or leased by him
or another person or any other improvements to such real property
What are the three classes of contractor licenses in VA? - ✅✅ Class A, Class B
and Class C
What is the minimum contract value for a license requirement for a landscape
irrigation contractor? - ✅✅ There is no minimum total value of a single contract
, or project required for a landscape irrigation and water well contractor to obtain a
class C License
What is the contract range for Class A, Class B and Class C contractors? - ✅✅
Class A $120,000 or more class B $10,000 or more but less than $120,000Class C
over $1000, but less than $10,000
What is the 12-month revenue range for a Class A, Class B, and Class C
contractor? - ✅✅ Class A $750,000 or more class B 150,000 or more class C
Less than 150,000
What is the Net Worth requirement for a Class A license? - ✅✅ Class A $45,000
or more
What is the Net Worth requirement for a Class B license? - ✅✅ Class B $15,000
or more
What is a reward of owning your own business? - ✅✅ Having more freedom and
independence. The ability to make your own decisions.
A business plan should be changed as what things change? - ✅✅ A business
plan should be a living document that changes as your business and the market
change.
What are the elements of a good business plan? - ✅✅ Cover Page, Executive
summary, Company Summary Products and Services, Market Analysis, Marketing
Strategy, Financial Plans
Correctly Solved
Who bears liability for all actions taken by the business in a sole proprietorship? -
✅✅ You bear personal liability for all actions undertaken in the name of the
business
What is an advantage of a sole proprietorship? - ✅✅ Freedom in decision-
making process
What is a disadvantage of a sole proprietorship? Unlimited personal ability,
multiple decision makers
In a general partnership, who has liability for all debts? - ✅✅ All owners in a
general partnership have personal and unlimited liability for all actions undertaken
in the name of the business, including all debts.
Do General Partnerships have to register in VA and with whom? - ✅✅
Partnership statements are not mandatory but may be filed with the corporation
commission by completing the statement of partnership Authority FORM UPA-93.
If a statement was filed in another state, a duly authenticated copy may be filed
with the commission. The filing fee is $25
Do Limited Partnerships have to register in VA and with whom?- ✅✅ To
register a Virginia limited partnership, you must file the certificate of limited
,partnership form LPA 73-11 with the VA Corporation Commission. The filing fee
is $100. An annual fee of $50 is assessed each year on July 1.
How does one register a Stock Corporation in VA?- ✅✅ To register a VA stock
corporation you must file Articles of Incorporation FORM SCC 619 with the VA
Corporation Commission
How can a corporation avoid double federal taxation on dividends?- ✅✅ If your
business is an eligible domestic corporation, you can avoid double federal taxation
(corporate a C corporation) by electing to be treated as an S corporation under the
rules of Subchapter S of the Internal Revenue Code.
How does one register an LLC in VA?- ✅✅ To register a VA LLC you must file
the Articles of Organization FORM LLC 1011 with the VA Corporation
Commission. The filing fee is $100. An annual fee of $50 is assessed each year on
July 1
Who must secure a contractor's license in Virginia?- ✅✅ As defined under VA
licensing law, the term contractor "means any person that for a fixed price,
commission, fee or percentage undertakes to bid upon or accepts, or offers to
accept, orders of contracts for performing, managing, or superintending in whole
or in part, the construction, removal, repair or improvement of any building or
structure permanently annexed to real property owned, controlled or leased by him
or another person or any other improvements to such real property
What are the three classes of contractor licenses in VA? - ✅✅ Class A, Class B
and Class C
What is the minimum contract value for a license requirement for a landscape
irrigation contractor? - ✅✅ There is no minimum total value of a single contract
, or project required for a landscape irrigation and water well contractor to obtain a
class C License
What is the contract range for Class A, Class B and Class C contractors? - ✅✅
Class A $120,000 or more class B $10,000 or more but less than $120,000Class C
over $1000, but less than $10,000
What is the 12-month revenue range for a Class A, Class B, and Class C
contractor? - ✅✅ Class A $750,000 or more class B 150,000 or more class C
Less than 150,000
What is the Net Worth requirement for a Class A license? - ✅✅ Class A $45,000
or more
What is the Net Worth requirement for a Class B license? - ✅✅ Class B $15,000
or more
What is a reward of owning your own business? - ✅✅ Having more freedom and
independence. The ability to make your own decisions.
A business plan should be changed as what things change? - ✅✅ A business
plan should be a living document that changes as your business and the market
change.
What are the elements of a good business plan? - ✅✅ Cover Page, Executive
summary, Company Summary Products and Services, Market Analysis, Marketing
Strategy, Financial Plans
