Virginia contractors Study guides, Class notes & Summaries

Nascla Contractors Guide | Virginia 8th Edition & Virginia Uniform Statewide Building Code "USBC" (2000 Edition) 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 te...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? - $500 fine per day for each day of violation plus penalties for a misdemeanor. What is the PRIMARY purpose of licensing? - Protect the health and welfare of the public. The application for licensure MUST include - the business address of the proposed designated employee. All of the following must be licensed EXCEPT - a material supplier who advises a contractor. When a claimant is paid fu...

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 Partne...

What are some of the advantages of a sole proprietor? - collect 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? - collect 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 relation...

VA Contractors Virginia (Class A or B) 2024 Actual Questions with Verified Answers, 100% Guarantee Pass

VA Contractors: Virginia (Class A or B) – Q’s And A’s

VA Contractors: Virginia (Class A or B) – Q’s & A’s (100% Correct)

1. All Class A contractor licensure applications MUST include... ANS Information on the knowledge, skills, and abilities of the applicant 2. Which of the following is a requirement for a joint venture? ANS Either the joint venture or each contracting party of the joint venture must be licensed 3. All of the following must be licensed EXCEPT... ANS A material supplier who advises a contractor 4. Payments made by the Transaction Recovery Fund to claimants may include an amount for... ANS At...

NASCLA Contractors Guide Virginia Question and answers correctly solved 2024 Why is managing risk important? - correct answer important to your reputation and bottom line -Lower business and liability insurance premiums -Reduce chances of being sued -Improve chances of prevailing in a lawsuit What should supplement your risk management program? - correct answer Insurance. It provides protection against unforeseen events and is sometimes required by law What does property insurance...

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...