NASCLA Business Law and Managment EXAM SC || Already Graded A+.

Sole Proprietorship correct answers a business owned and managed by a single individual Simplest form to set up unlimited Liability Partnerships correct answers Business organizations in which two or more persons share responsibilities, costs, profits, and losses. C Corporations correct answers 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 correct answers 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 correct answers A business organization in which the business (not the owner) is liable for the company's debts joint venture correct answers an agreement between two or more companies to share a business project Reserving business Name correct answers Register with secretary of state Purpose of licensing correct answers Protect Health, Safety, and welfare of the public When is a Contractors license Needed? correct answers Excess of $5000 cease and desist order correct answers ruling requiring a company to stop an unfair business practice from performing work without a license Monetary limitations for general and mechanical contractors correct answers determined by the financial net worth of the entity seeking licensure Group Limitations correct answers Divided into groups according to net worth. Reciprocity correct answers South Carolina has a reciprocal agreement with certain states but licensee must still pass the business and law exam. Property insurance correct answers A type of insurance that covers damage to property, such as a home.