NASCLA Contractors Guide to business and law Alabama 3rd Edition Questions With Complete Solutions

Sole Proprietorship correct answer: a business owned and managed by a single individual If doing business not under Sole proprietorship you need to file a "doing business as" to? correct answer: Alabama Secretary of State what are the 2 types of partnerships correct answer: 1.General 2.Limited Each partner is responsible for the acts of the other partners when they act in the name of business correct answer: General Partnership liable only for the previously agreed upon contribution to or investment in the business correct answer: Limited Partners What is a LLP or L.L.P.? correct answer: Limited Liability Partnership When does a business assume corporate identity? correct answer: when it files as a corporation with the probate judges office in the county it is located. A foreign corporation is allowed to conduct business in Alabama when it files with whom? correct answer: The secretary of state office (Alabama) What type of corporation receives "double taxation" correct answer: C Corporation Limited Liability Company (LLC) correct answer: characteristics of both a sole proprietorship and corporation Home Builder correct answer: to construct or manage the construction, repair or improvement of any residence or structure that is not more than 3 floors in height and has no more than 4 units in an apartment complex