NASCLA Business Law and Management
EXAM SC
1.Sole Proprietorship: a business owned and managed by a single
individual Simplest form to set up
unlimited Liability
2.Partnerships: Business organizations in which two or more persons
share re- sponsibilities, costs, profits, and losses.
3.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
4.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
5.Limited liability company: A business organization in which the
business (not the owner) is liable for the company's debts
1/
21
,6.joint venture: an agreement between two or more companies to share
a business project
7.Reserving business Name: Register with secretary of state
8.Purpose of licensing: Protect Health, Safety, and welfare of the public
9.When is a Contractors license Needed?: Excess of $5000
10.cease and desist order: ruling requiring a company to stop an unfair
business practice from performing work without a license
11.Monetary limitations for general and mechanical contractors:
determined by the financial net worth of the entity seeking licensure
12.Group Limitations: Divided into groups according to net worth.
13.Reciprocity: South Carolina has a reciprocal agreement with certain
states but licensee must still pass the business and law exam.
14.Property insurance: A type of insurance that covers damage to
property, such as a home.
15.liability insurance: insurance that provides protection from claims
arising from injuries or damage to other people or property
16.Business Owners Policy (BOP): Property and liability Coverage are
bundles under business owners policies
17.Automobile Insurance: Provides payments for both liability and
2/
21
, physical dam- age to vehicles
18.Burglary and Theft Insurance: Loss or damage by burglary, theft,
Larceny, Robbery, Forgery, Fraud, and vandalism.
19.Key Man Life Insurance: This type of insurance is available as life
insurance or disability insurance to protect continuing sucess of your
business.
3/
21
EXAM SC
1.Sole Proprietorship: a business owned and managed by a single
individual Simplest form to set up
unlimited Liability
2.Partnerships: Business organizations in which two or more persons
share re- sponsibilities, costs, profits, and losses.
3.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
4.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
5.Limited liability company: A business organization in which the
business (not the owner) is liable for the company's debts
1/
21
,6.joint venture: an agreement between two or more companies to share
a business project
7.Reserving business Name: Register with secretary of state
8.Purpose of licensing: Protect Health, Safety, and welfare of the public
9.When is a Contractors license Needed?: Excess of $5000
10.cease and desist order: ruling requiring a company to stop an unfair
business practice from performing work without a license
11.Monetary limitations for general and mechanical contractors:
determined by the financial net worth of the entity seeking licensure
12.Group Limitations: Divided into groups according to net worth.
13.Reciprocity: South Carolina has a reciprocal agreement with certain
states but licensee must still pass the business and law exam.
14.Property insurance: A type of insurance that covers damage to
property, such as a home.
15.liability insurance: insurance that provides protection from claims
arising from injuries or damage to other people or property
16.Business Owners Policy (BOP): Property and liability Coverage are
bundles under business owners policies
17.Automobile Insurance: Provides payments for both liability and
2/
21
, physical dam- age to vehicles
18.Burglary and Theft Insurance: Loss or damage by burglary, theft,
Larceny, Robbery, Forgery, Fraud, and vandalism.
19.Key Man Life Insurance: This type of insurance is available as life
insurance or disability insurance to protect continuing sucess of your
business.
3/
21
