NASCLA Business Law and Managment EXAM SC 107 Exam Questions with 100% Correct Answers | Updated 2024 | Guaranteed A+

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