Georgia NASCLA Contractor Guide| 100 Questions all Answered correctly|

Georgia NASCLA Contractor Guide| 100 Questions all Answered correctly| When a business is purchased by a new owner what happens in regards to the EIN A new EIN is required A clause that means that a subcontractor is bound by the same obligation as are required of the general contractor is called Flow-down clause What are the three key function of a business plan Planning tool, loan or investor document, benchmarking tool Business plan does NOT include Contract Documents Which business structure is considered the simplest to setup Sole proprietorship What is the major disadvantages of a sole proprietorship Unlimited personal liablity Which of the following is most important when entering into a 50/50 partnership Prepare a written agreement With a Partnership, are you responsible for the actions of your partner? Yes, if they act in the name of the business Which individual have NO managerial decision-making power and have liability restricted to the amount of the investment Limited Partners A partnership dissolves leaving a debt of $50,000 how is each partner liable Each partner is liable for the entire amount of A ___________ is a legal relationship where two or more persons are contractually associated as principals in a business General Patnership Three people join together to form a partnership. One of the partner fails to meet their financial obligations. The other two partners can be forced to pay What is one of the advantages of a partnership?