NASCLA CONTRACTORS GUIDE TO BUSINESS, LAW, AND PROJECT MANAGEMENT EXAM A+ GRADED
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NASCLA CONTRACTORS
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NASCLA CONTRACTORS
NASCLA CONTRACTORS GUIDE TO BUSINESS, LAW, AND PROJECT MANAGEMENT EXAM
NASCLA CONTRACTORS GUIDE TO BUSINESS, LAW, AND PROJECT MANAGEMENT EXAM A+ GRADED
Elements of a Business Plan - Accurate AnswerCover Page, Executive Summary, Company Summary, Products & Services, Market Analysis, Marketing...
NASCLA CONTRACTORS GUIDE TO
BUSINESS, LAW, AND PROJECT
MANAGEMENT EXAM
NASCLA CONTRACTORS GUIDE TO BUSINESS, LAW, AND PROJECT MANAGEMENT
EXAM A+ GRADED
Elements of a Business Plan - Accurate Answer ✅✅Cover Page, Executive Summary, Company Summary, Products & Services, Market Analysis, Marketing Strategy, and Financial Plan.
Sole Proprietorships - Accurate Answer ✅✅Adv: Min legal restrictions, simple ownership form, low startup costs, sole ownership of profits, freedom in decision making process.
Disadv: Unlimited personal liability, less available capital, possible difficulty in obtaining long-term financing, dissolution of the business in the event of the owner's death.
*SOLE PROPRIETORSHIP THE EASIEST TO SET UP
Partnerships - Accurate Answer ✅✅-Can be formed through an oral agreement.
-General Partners own the assets of the company.
-Limited partnership consists of one or more general partners and one or more limited partners.
-Limited partners have limited liability in the company. -If a general partner leaves the company, the partnership dissolves
-All owners in a general partnership have personal and unlimited liability for all actions undertaken in the
name of the business, including all debts
-Limited Partners have no personal liability for the business. *GENERAL PARNERSHIPS EXIST AS LONG AS PARTNERS REMAIN
*EACH PARTNER IS TOTALLY LIABLE FOR ACTS IN THE PARTNERSHIP
C Corporations - Accurate Answer ✅✅-Incorporation gives your business a legal existence that goes beyond the life of its shareholders die.
-The owners of the corp - known as stockholders - are not personally liable for the losses of the business.
S Corporations - Accurate Answer ✅✅-Can avoid double federal taxation by electing to be treated as an S Corp
-S Corp passes its items of income, loss, deduction, and credits through to its shareholders to be included on their separate returns.
Limited Liability Corporation (LLC) - Accurate Answer ✅✅-Shares characteristics of both sole proprietorship and corporate identities
- Ownership in the LLC is invested in memberships rather than shares of stock
-Offers some protection from liability for actions taken by your company, but does not protect from liability for personal actions. -Like an S Corp, federal income taxes are paid only on income distributed to members as ordinary income. An LLC with more than 1 owner may elect to be taxed as a partnership or as a corporate entity.
NC Licensing Board for General Contractors - Accurate Answer ✅✅LICENSING BOARD TO PROTECT THE PUBLIC
Commercial General Liability (CGL) - Accurate Answer ✅✅CGL Insurance offers basic liability coverage. Covers 4 types of injuries:
1. bodily injury for individuals who are NOT employees
2. damage or loss to property NOT belonging to the business
3. personal injury, including slander or damage to rep
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