NASCLA Business Law And Managment Exam Sc Final

NASCLA Business Law And Managment Exam Sc Final Sole Proprietorship - CORRECT ANSWER-a business owned and managed by a single individual Simplest form to set up unlimited Liability Partnerships - CORRECT ANSWER-Business organizations in which two or more persons share responsibilities, costs, profits, and losses. C Corporations - CORRECT ANSWER-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 - CORRECT ANSWER-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 - CORRECT ANSWER-A business organization in which the business (not the owner) is liable for the company's debts joint venture - CORRECT ANSWER-an agreement between two or more companies to share a business project Reserving business Name - CORRECT ANSWER-Register with secretary of state Purpose of licensing - CORRECT ANSWER-Protect Health, Safety, and welfare of the public When is a Contractors license Needed? - CORRECT ANSWER-Excess of $5000 cease and desist order - CORRECT ANSWER-ruling requiring a company to stop an unfair business practice from performing work without a license Monetary limitations for general and mechanical contractors - CORRECT ANSWERdetermined by the financial net worth of the entity seeking licensure Group Limitations - CORRECT ANSWER-Divided into groups according to net worth