UTAH GENERAL CONTRACTOR'S COURSE EXAM FALL 2024

UTAH GENERAL CONTRACTOR'S COURSE - BUSINESS AND LAW EXAM PREP QUESTIONS AND ANSWERS GRADED 100+ Which business organization is regulated the least by the government? - -Sole Proprietorship In a general partnership, each partner is liable for the debt of the company up to the percentage of the company they own. - -false What business organization provides the most financial protection for the owners? - -Corporation Sole Proprietorships can issue and sell stock in the company to raise capital. - -false Can a corporation actually be listed as the sole owner of a property? - -yes Limited Liability Companies have the ability to be passed down to family members when an owner (member) dies. - -false Sub Chapter "S" Corporations can retain their status no matter how many stockholders they have. - -false Start-up and operating costs must be considered when creating a ____________ . - -financial plan A _________ provides potential investors with a concrete description of your successes and qualifications. - -business plan A _______________ combines the liability protection of a corporation with the favorable tax treatment of a partnership or sole proprietorship. - -LLC _____________ have a partner who contributes funds and or property to the business, but does not provide any services or have any say in the day to day business. - -Limited Partnerships