NASCLA Contractors Guide Arkansas 5th edition with Complete Solutions 100% Correct | 2024.

NASCLA Business Law and Management Exam Sc Questions With 100% Correct Answers 2024 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 When is a Contractors license Needed? Excess of $5000 cease and desist order ruling requiring a company to stop an unfair business practice from performing work without a license Monetary limitations for general and mechanical contractors determined by the financial net worth of the entity seeking licensure Group Limitations Divided into groups according to net worth. Reciprocity South Carolina has a reciprocal agreement with certain states but licensee must still pass the business and law exam. Property insurance A type of insurance that covers damage to property, such as a home. liability insurance insurance that provides protection from claims arising from injuries or damage to other people or property