NASCLA Business Law and Management Exam
Sc, 107 Questions With 100% Correct Answers
2024. With Complete Solution.
Sole Proprietorship
a business owned and managed by a single individual
Simplest form to set up
unlimited Liability
Partnerships
Business organizations in which two or more persons share responsibilities, costs, profits, and losses.
C Corporations
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
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
A business organization in which the business (not the owner) is liable for the company's debts
joint venture
an agreement between two or more companies to share a business project
Reserving business Name
Register with secretary of state
Purpose of licensing
Protect Health, Safety, and welfare of the public
When is a Contractors license Needed?
Excess of $5000
cease and desist order
ruling requiring a company to stop an unfair business practice from performing work without a license
, Monetary limitations for general and mechanical contractors
determined by the financial net worth of the entity seeking licensure
Group Limitations
Divided into groups according to net worth.
Reciprocity
South Carolina has a reciprocal agreement with certain states but licensee must still pass the business
and law exam.
Property insurance
A type of insurance that covers damage to property, such as a home.
liability insurance
insurance that provides protection from claims arising from injuries or damage to other people or
property
Business Owners Policy (BOP)
Property and liability Coverage are bundles under business owners policies
Automobile Insurance
Provides payments for both liability and physical damage to vehicles
Burglary and Theft Insurance
Loss or damage by burglary, theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
Key Man Life Insurance
This type of insurance is available as life insurance or disability insurance to protect continuing sucess of
your business.
Coverage Gaps and Overlaps
It is important to evaluate all your insurance coverage. Using one insurer may minimize gaps and
overlaps in coverage.
Bid Documents include
An invitation to Bid
Bid instructions
Bid forms
Supplements
Ethics in bidding
Sc, 107 Questions With 100% Correct Answers
2024. With Complete Solution.
Sole Proprietorship
a business owned and managed by a single individual
Simplest form to set up
unlimited Liability
Partnerships
Business organizations in which two or more persons share responsibilities, costs, profits, and losses.
C Corporations
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
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
A business organization in which the business (not the owner) is liable for the company's debts
joint venture
an agreement between two or more companies to share a business project
Reserving business Name
Register with secretary of state
Purpose of licensing
Protect Health, Safety, and welfare of the public
When is a Contractors license Needed?
Excess of $5000
cease and desist order
ruling requiring a company to stop an unfair business practice from performing work without a license
, Monetary limitations for general and mechanical contractors
determined by the financial net worth of the entity seeking licensure
Group Limitations
Divided into groups according to net worth.
Reciprocity
South Carolina has a reciprocal agreement with certain states but licensee must still pass the business
and law exam.
Property insurance
A type of insurance that covers damage to property, such as a home.
liability insurance
insurance that provides protection from claims arising from injuries or damage to other people or
property
Business Owners Policy (BOP)
Property and liability Coverage are bundles under business owners policies
Automobile Insurance
Provides payments for both liability and physical damage to vehicles
Burglary and Theft Insurance
Loss or damage by burglary, theft, Larceny, Robbery, Forgery, Fraud, and vandalism.
Key Man Life Insurance
This type of insurance is available as life insurance or disability insurance to protect continuing sucess of
your business.
Coverage Gaps and Overlaps
It is important to evaluate all your insurance coverage. Using one insurer may minimize gaps and
overlaps in coverage.
Bid Documents include
An invitation to Bid
Bid instructions
Bid forms
Supplements
Ethics in bidding
