Nascla Contractors Guide Arkansas 8th Edition Questions & Answers 2024(A+graded 100%verified)

Disadvantages of Sole Proprietorship {Ans: - unlimited personal liability - less available capital - possible difficulty obtaining long-term financing -dissolution of the business in the event of the owners death}Contingency {Ans: A specified amount added to an estimate to protect the contractor if an unanticipated problem or condition arises during the course of the project}Fidelity bond {Ans: A type of bond that covers business owners for losses due to dishonest act by their employees}Miller Act {Ans: requires performance and payment bonds on federal projects over $100,000.}Safety Data Sheet (SDS) {Ans: sheet that provides information on the safe use of and hazards of chemicals, as well as emergency steps to take in the event chemicals are splashed, sprayed, or ingested}Disadvantages of a C Corporation {Ans: - Complex and expensive organization - Limitation on corporate activities and decisions by the corporate charter - Extensive regulation and record keeping - Double taxation}