NASCLA Contractors Guide
market analysis - ANS-major competitors
Financial Plan - ANS-projection
Advantage of a Sole Proprietorship - ANS-Freedom in decision-making process
Disadvantage of a Sole Proprietorship - ANS-Unlimited personal liability
Partnership - ANS-each partner expects to share in the profits and losses of the
business.
Two types of partnerships- General and limited
Disadvantages of a General Partnership - ANS-Unlimited personal liability of general
partners.
Partnership dissolves in the event of the death of a general partner.
Purpose of Licensing - ANS-A major purpose of licensing is to protect the health, safety,
and welfare of the public
VA Board for Contractors - ANS-7 licensed contractor members
Licensing Requirements: Exemptions - ANS-Any material supplier
Class A - ANS-Single contract - $120,000 or more
12-month - $750,000 or more
License classes are determined by - ANS-Net worth
Class A
Class B - ANS-$45,000
$15,000
License Renewals - ANS-license expire two years
must file renewal form
within 30 days of the license expiration
fees are not received within 30 days
, must reinstate the license
Changes - ANS-change of designated employee 90 days
change of a business/trade name 30 days
change of address 30 days
Prohibited act - ANS-Failure to maintain all documents relating to contract 5 years
Recovery Fund - ANS-to homeowners
per claimant $20,000
per contractor $40,000
$25 assessment
minimum balance set at $400,000
If the balance of the fund falls below
assessment will not exceed $50
Property Insurance - ANS-covers your business and personal property
Named Peril Builders' Risk Insurance - ANS-Water damage
Transportation Floater and Motor Truck Cargo Insurance - ANS-damage that occurs to
freight during transport
Commercial General Liability (CGL) - ANS-bodily injury that results in actual physical
damage or loss for individuals who are not employees.
damage or loss to property not belonging to the business.
Key Man Life Insurance - ANS-partnership
if one of the partners died
Workers' Compensation Insurance - ANS-for employees who are injured on the job.
purchased by the employer
VA Coverage Requirements - ANS-Under VA Law
Three or more full-time or part-time employees
Subcontractors - ANS-verify their insurance coverage
Bond - ANS-is a risk transfer between a surety, the contractor, and project owner
market analysis - ANS-major competitors
Financial Plan - ANS-projection
Advantage of a Sole Proprietorship - ANS-Freedom in decision-making process
Disadvantage of a Sole Proprietorship - ANS-Unlimited personal liability
Partnership - ANS-each partner expects to share in the profits and losses of the
business.
Two types of partnerships- General and limited
Disadvantages of a General Partnership - ANS-Unlimited personal liability of general
partners.
Partnership dissolves in the event of the death of a general partner.
Purpose of Licensing - ANS-A major purpose of licensing is to protect the health, safety,
and welfare of the public
VA Board for Contractors - ANS-7 licensed contractor members
Licensing Requirements: Exemptions - ANS-Any material supplier
Class A - ANS-Single contract - $120,000 or more
12-month - $750,000 or more
License classes are determined by - ANS-Net worth
Class A
Class B - ANS-$45,000
$15,000
License Renewals - ANS-license expire two years
must file renewal form
within 30 days of the license expiration
fees are not received within 30 days
, must reinstate the license
Changes - ANS-change of designated employee 90 days
change of a business/trade name 30 days
change of address 30 days
Prohibited act - ANS-Failure to maintain all documents relating to contract 5 years
Recovery Fund - ANS-to homeowners
per claimant $20,000
per contractor $40,000
$25 assessment
minimum balance set at $400,000
If the balance of the fund falls below
assessment will not exceed $50
Property Insurance - ANS-covers your business and personal property
Named Peril Builders' Risk Insurance - ANS-Water damage
Transportation Floater and Motor Truck Cargo Insurance - ANS-damage that occurs to
freight during transport
Commercial General Liability (CGL) - ANS-bodily injury that results in actual physical
damage or loss for individuals who are not employees.
damage or loss to property not belonging to the business.
Key Man Life Insurance - ANS-partnership
if one of the partners died
Workers' Compensation Insurance - ANS-for employees who are injured on the job.
purchased by the employer
VA Coverage Requirements - ANS-Under VA Law
Three or more full-time or part-time employees
Subcontractors - ANS-verify their insurance coverage
Bond - ANS-is a risk transfer between a surety, the contractor, and project owner
