NASCLA Business Law and Management EXAM SC| Questions and Answers, 100% Verified| Updated

NASCLA Business Law and Management EXAM SC| Questions and Answers, 100% Verified| Updated 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