NASCLA CONTRACTORS (VIRGINIA 8TH EDITION) & VIRGINIA UNIFORM
STATEWIDE BUILDING CODE "USBC" EXAM 2024/2025
What are some of the advantages of a sole proprietor? - Precise Answer
✔✔Business can be sold at will
Freedom in Decision Making Process
Sole Ownership of Profits
Low startup cost
Simple Ownership Form
Minimal Legal Restriction
What are some of the disadvantages of a Sole Proprietor? - Precise
Answer ✔✔Less Available capital
Unlimited Personal Liability
Possible difficulty obtaining long term financing
dissolution of the business in the event of the owner's death
This is the relationship between two or more persons who join to carry
on a trade or business. Each person contributes money, property,labor,
or skill and each partner expects to share in the profits and losses of the
business. - Precise Answer ✔✔Is classified as a Partnership
What are the two different types of partnerships? - Precise Answer
✔✔General Partnership & Limited Partnership
,This partnership consists of one or more general partners and one or
more limited partners. Limited partners have limited Liability in the
company. In this partnership the partners have no personal liability for
the business partnership. They are liable only for the previously agreed-
upon contribution to or investment in the business. - Precise Answer
✔✔Limited Partnership
This partnership consists of general partners that own the assets of the
company just as individual own assets in a sole proprietorship. In this
partnership all owners have personal and unlimited liability for all
actions undertaken in the name of the business including debt. Each
partner is responsible for the acts of others partners when they act in the
name of the business. - Precise Answer ✔✔General Partnership
What are some of the disadvantages of a general partnership? - Precise
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
The Virginia State statute requires that prior to a joint venture engaging
in or offering to engage in contracting work in Virginia - Precise Answer
✔✔Each contracting party of the joint venture shall be properly licensed
under the Virginia licensing law or a proper contractor's license shall be
obtained in the name of the joint venture.
,What is a joint venture? - Precise Answer ✔✔This is a special business
arrangement that exists when two or more companies joint undertake a
specific project.
What is the purpose of Licensing & why is it required? - Precise Answer
✔✔A major purpose of licensing is to protect the health, safety, and
welfare of the public. Licensing establishes entrance requirements
standards of practice and disciplinary authority to protect the public
from unqualified incompetent and unethical contractors.
It was established to regulate businesses that construct or improve
facilities on property owned by others. - Precise Answer ✔✔Virginia
Board for Contractors
The Board is composed of 15 governor-appointed members who serve 4
years and includes what? - Precise Answer ✔✔- Seven Licensed
Contractor members
- 3 representatives from the tradesman Licensure Program
-one local building official member
What is one of the exemptions that exists in the virginia Licensing law? -
Precise Answer ✔✔Any material supplier who renders advice
concerning use of products sold and who does not provide construction
or installation services.
, What is the total value of a single contract or project for a License Class
A? - Precise Answer ✔✔$120,000 or More for a single contract or
project
What is the total value of all projects in 12 month period for a class A
license class? - Precise Answer ✔✔$750,000 or More
How are license classes determined? - Precise Answer ✔✔License
classes are determined by Net Worth.
The specific minimum net worth requirements for class A is - Precise
Answer ✔✔$45,000 or more
The specific minimum net worth requirements for class B is - Precise
Answer ✔✔$15,000 or more
The specific minimum net worth requirements for class C is - Precise
Answer ✔✔No net worth requirement
How long is the original license issued for? - Precise Answer
✔✔Orginal Licenses expired two years from the last day of the month in
which they were issued.
What must you do to renew your license? - Precise Answer ✔✔To
renew the license, the license holder must file a completed renewal form
and submit appropriate fees within 30days of the license expiration date.
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