NASCLA BUSINESS LAW AND MANAGMENT SC EXAM(PASS!!) |ACCURATE ANSWERS

NASCLA BUSINESS LAW AND MANAGMENT SC EXAM NASCLA BUSINESS LAW AND MANAGMENT SC EXAM(PASS!!) |ACCURATE ANSWERS   Sole Proprietorship - Accurate Answera business owned and managed by a single individual Simplest form to set up Unlimited Liability Partnerships - Accurate AnswerBusiness organizations in which two or more persons share responsibilities, costs, profits, and losses. C Corporations - Accurate AnswerCorporations 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 - Accurate AnswerA 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 - Accurate AnswerA business organization in which the business (not the owner) is liable for the company's debts joint venture - Accurate Answeran agreement between two or more companies to share a business project Reserving business Name - Accurate AnswerRegister with secretary of state Purpose of licensing - Accurate AnswerProtect Health, Safety, and welfare of the public When is a Contractors license Needed? - Accurate AnswerExcess of $5000 cease and desist order - Accurate Answerruling requiring a company to stop an unfair business practice from perf