NASCLA Business Law and Management EXAM SC study guide
COMPLETE EXAM Questions and Answers (Verified Answers)
(Latest Update 2026) UPDATE!!
Sole Proprietorship - (ANSWERS)a business owned and managed by a
single individual
Simplest form to set up
Unlimited Liability
Partnerships - (ANSWERS)Business organizations in which two or more
persons share responsibilities, costs, profits, and losses.
C Corporations - (ANSWERS)Corporations that have no restrictions on
who owns their shares or the number of shareholders; they cannot qualify
for subchapter S tax treatment and are subject to direct taxation
S corporation - (ANSWERS)A unique government creation that looks like a
corporation but is taxed like sole proprietorships and partnerships
No more than 100 shareholders
FILING IRS FORM 2553
Limited liability company - (ANSWERS)A business organization in which
the business (not the owner) is liable for the company's debts
Joint venture - (ANSWERS)an agreement between two or more companies
,NASCLA Business Law and Management EXAM SC study guide
COMPLETE EXAM Questions and Answers (Verified Answers)
(Latest Update 2026) UPDATE!!
to share a business project
Reserving business Name - (ANSWERS)Register with secretary of state
Purpose of licensing - (ANSWERS)Protect Health, Safety, and welfare of
the public
When is a Contractors license Needed? - (ANSWERS)Excess of $5000
Cease and desist order - (ANSWERS)ruling requiring a company to stop an
unfair business practice from performing work without a license
Monetary limitations for general and mechanical contractors -
(ANSWERS)determined by the financial net worth of the entity seeking
licensure
Group Limitations - (ANSWERS)Divided into groups according to net
worth.
, NASCLA Business Law and Management EXAM SC study guide
COMPLETE EXAM Questions and Answers (Verified Answers)
(Latest Update 2026) UPDATE!!
Reciprocity - (ANSWERS)South Carolina has a reciprocal agreement with
certain states but licensee must still pass the business and law exam.
Property insurance - (ANSWERS)A type of insurance that covers damage
to property, such as a home.
Liability insurance - (ANSWERS)insurance that provides protection from
claims arising from injuries or damage to other people or property
Business Owners Policy (BOP) - (ANSWERS)Property and liability
Coverage are bundles under business owners policies
Automobile Insurance - (ANSWERS)Provides payments for both liability
and physical damage to vehicles
Burglary and Theft Insurance - (ANSWERS)Loss or damage by burglary,
theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
Key Man Life Insurance - (ANSWERS)This type of insurance is available
as life insurance or disability insurance to protect continuing sucess of your
COMPLETE EXAM Questions and Answers (Verified Answers)
(Latest Update 2026) UPDATE!!
Sole Proprietorship - (ANSWERS)a business owned and managed by a
single individual
Simplest form to set up
Unlimited Liability
Partnerships - (ANSWERS)Business organizations in which two or more
persons share responsibilities, costs, profits, and losses.
C Corporations - (ANSWERS)Corporations that have no restrictions on
who owns their shares or the number of shareholders; they cannot qualify
for subchapter S tax treatment and are subject to direct taxation
S corporation - (ANSWERS)A unique government creation that looks like a
corporation but is taxed like sole proprietorships and partnerships
No more than 100 shareholders
FILING IRS FORM 2553
Limited liability company - (ANSWERS)A business organization in which
the business (not the owner) is liable for the company's debts
Joint venture - (ANSWERS)an agreement between two or more companies
,NASCLA Business Law and Management EXAM SC study guide
COMPLETE EXAM Questions and Answers (Verified Answers)
(Latest Update 2026) UPDATE!!
to share a business project
Reserving business Name - (ANSWERS)Register with secretary of state
Purpose of licensing - (ANSWERS)Protect Health, Safety, and welfare of
the public
When is a Contractors license Needed? - (ANSWERS)Excess of $5000
Cease and desist order - (ANSWERS)ruling requiring a company to stop an
unfair business practice from performing work without a license
Monetary limitations for general and mechanical contractors -
(ANSWERS)determined by the financial net worth of the entity seeking
licensure
Group Limitations - (ANSWERS)Divided into groups according to net
worth.
, NASCLA Business Law and Management EXAM SC study guide
COMPLETE EXAM Questions and Answers (Verified Answers)
(Latest Update 2026) UPDATE!!
Reciprocity - (ANSWERS)South Carolina has a reciprocal agreement with
certain states but licensee must still pass the business and law exam.
Property insurance - (ANSWERS)A type of insurance that covers damage
to property, such as a home.
Liability insurance - (ANSWERS)insurance that provides protection from
claims arising from injuries or damage to other people or property
Business Owners Policy (BOP) - (ANSWERS)Property and liability
Coverage are bundles under business owners policies
Automobile Insurance - (ANSWERS)Provides payments for both liability
and physical damage to vehicles
Burglary and Theft Insurance - (ANSWERS)Loss or damage by burglary,
theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
Key Man Life Insurance - (ANSWERS)This type of insurance is available
as life insurance or disability insurance to protect continuing sucess of your
