NASCLA CONTRACTORS GUIDE TO BUSINESS AND LAW ALABAMA

NASCLA CONTRACTORS GUIDE TO BUSINESS AND LAW ALABAMA 3RD EDITION



Sole Proprietorship

Correct answer: a business owned and managed by a single individual



If doing business not under Sole proprietorship you need to le 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 les as a corporation with the probate judges oice in the county
it is located.



A foreign corporation is allowed to conduct business in Alabama when it les with whom?

, Correct answer: The secretary of state oice (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 oors in height and has no more than 4 units
in an apartment complex



At what point is a home builders license required?

Correct answer: when the cost of the undertaking, including labor and materials is
$10,000 or more.



What happens if a payment is made from the recovery fund?

Correct answer: the license is terminated, and can be until licensee repays the fund plus
12% per annum



Dene Insurance

Correct answer: a protective measure in which coverage is obtained for a specic risk
through a contract.



All risk coverage