LA Tech CVEN 437 Contracts and Specs test 1 Questions
With Complete Solutions
2 types of alternates Correct Answers (1) the owner designated
alternates
(2) contractor-designated alternates are the ones included by the
contractor as per the provision made by the owner and the
architect-engineer
About how many firms in the US consider themselves
Construction Firms? Correct Answers 700,000
advantage/disadvantage of Corporation Correct Answers
Advantage:
Limited Liability
Owners are only liable for the amount they have
invested
Disadvantage:
a corporation is expected to maintain
exhaustive records
also expected to prove the legitimacy of all its
expenses and deductions
advantage/disadvantage of General Partnership Correct Answers
Advantage:
a partner is an owner and has unrestricted legal
responsibility
Active in managing the company
Disadvantage:
, every general partner is responsible legally for
the debts incurred by the company, irrespective
of who was responsible for causing those debts
advantage/disadvantage of Limited Partnership Correct Answers
Advantage:
The limited partner is an owner, he is not bound
by any legal responsibility for losses incurred
by the firm beyond his investment
Disadvantage:
likely to lose his partner's immunity from
personal liability in the event of any
interference
advantage/disadvantage of S Corporation Correct Answers
Advantage:
Limited Liability
Disadvantage:
top personal income tax is more or less 4 points
advanced than the max corporation rate
advantage/disadvantage of Sole Proprietorship Correct Answers
Advantage:
Owner is the boss
Disadvantage:
Individually legally responsible for all debts,
commitments, and responsibilities of the
business
With Complete Solutions
2 types of alternates Correct Answers (1) the owner designated
alternates
(2) contractor-designated alternates are the ones included by the
contractor as per the provision made by the owner and the
architect-engineer
About how many firms in the US consider themselves
Construction Firms? Correct Answers 700,000
advantage/disadvantage of Corporation Correct Answers
Advantage:
Limited Liability
Owners are only liable for the amount they have
invested
Disadvantage:
a corporation is expected to maintain
exhaustive records
also expected to prove the legitimacy of all its
expenses and deductions
advantage/disadvantage of General Partnership Correct Answers
Advantage:
a partner is an owner and has unrestricted legal
responsibility
Active in managing the company
Disadvantage:
, every general partner is responsible legally for
the debts incurred by the company, irrespective
of who was responsible for causing those debts
advantage/disadvantage of Limited Partnership Correct Answers
Advantage:
The limited partner is an owner, he is not bound
by any legal responsibility for losses incurred
by the firm beyond his investment
Disadvantage:
likely to lose his partner's immunity from
personal liability in the event of any
interference
advantage/disadvantage of S Corporation Correct Answers
Advantage:
Limited Liability
Disadvantage:
top personal income tax is more or less 4 points
advanced than the max corporation rate
advantage/disadvantage of Sole Proprietorship Correct Answers
Advantage:
Owner is the boss
Disadvantage:
Individually legally responsible for all debts,
commitments, and responsibilities of the
business
