100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Nascla Contractors Guide (Virginia 8th Edition) & Virginia Uniform Statewide Building Code "USBC" (2000 Edition)Exam Questions & Answers $10.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Nascla Contractors &
  4.  
  5. Nascla Contractors &

Exam (elaborations)

Nascla Contractors Guide (Virginia 8th Edition) & Virginia Uniform Statewide Building Code "USBC" (2000 Edition)Exam Questions & Answers
 9 views  0 purchase
  • Course
  • Nascla Contractors &
  • Institution
  • Nascla Contractors &

What are some of the disadvantages of a Sole Proprietor? - 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 ...

[Show more]

Preview 3 out of 17  pages

Document information

  • April 4, 2024
  • 17
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nascla contractors guide virginia 8th edition
  • nascla contractors guide virginia 8th stuvia
  • what are some of the advantages of a sole propriet

Written for

  • Nascla Contractors &
  • Nascla Contractors &

Seller

avatar-seller
IMORA

Reviews received

Content preview

Nascla Contractors Guide (Virginia 8th
Edition) & Virginia Uniform Statewide
Building Code "USBC" (2000
Edition)Exam Questions & Answers

What are some of the advantages of a sole proprietor? - 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? - 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. - ANSWER-Is classified as
a Partnership

What are the two different types of partnerships? - 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. -
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. - ANSWER-General Partnership

What are some of the disadvantages of a general partnership? - 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 - 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? - 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? - 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. - ANSWER-Virginia Board for Contractors

The Board is composed of 15 governor-appointed members who serve 4 years and
includes what? - 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? - 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? -
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? -
ANSWER-$750,000 or More

How are license classes determined? - ANSWER-License classes are determined by
Net Worth.

The specific minimum net worth requirements for class A is - ANSWER-$45,000 or
more

The specific minimum net worth requirements for class B is - ANSWER-$15,000 or
more

The specific minimum net worth requirements for class C is - ANSWER-No net worth
requirement

How long is the original license issued for? - 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? - 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. Applicants for renewal must meet all of the
initial licensure qualifications for the particular class of license.

What happens if a license holder's renewal form and fees are not received within 30
days of the license expiration date? - ANSWER-If a license holder's renewal form
and fees are not received within 30 days of the license expiration date, the licensee
must reinstate the license.

To maintain a valid license contractors are expected to timely update the Board
Office with any change in status. Changes that require notification include -
ANSWER-Change of designated employee shall be reported within 90 days;
Change of a qualified individual shall be reported within 45 days;
Change of a business/trade name shall be reported within 30 days;

the information on the knowledge, skills, abilities of the person applying - ANSWER-
Class A- contractor license applications should include

The contractor's license is revoked - ANSWER-when a claimant is paid funds from
the contractors recovery trust fund what happens?

the joint venture or each one of the parties must be licensed - ANSWER-What is a
requirement for a joint venture?

a material supplier who advises a contractor - ANSWER-Who does not need to be
licensed?

a fine of 500 dollars per day of the violation plus penalties for a misdemeanor -
ANSWER-The penalty for a contractor who undertakes work without the proper class
of a license is what?

It should include the business address of the of the designated employee -
ANSWER-What does the application for licensure must include?

The primary purpose of licensing is to protect the health and welfare of the public -
ANSWER-What is the primary purpose of licensing?

A full time employee with a minimum of 30 hours a week - ANSWER-The board rules
and regulations a qualified individual must be

30 days - ANSWER-If a licensee's name changes it must be reported to the board
within a maximum of how many days ?

$360 Dollars - ANSWER-What is class A initial license fee not including the recovery
fee?

immediately - ANSWER-If a stop work order is issue when must the work be
stopped?

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

62890 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.99
  • (0)
  Add to cart