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TN Contractors License Exam with precise detailed answers
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Entrepreneur - ✔✔A person who starts up and takes on the risk of a business || || || || || || || || || || || || || ||
Business Plan - ✔✔Cover Page, Executive Summary, Company Summary,
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Products/Services, market analysis, market strategy, finanicial plan || || || || || ||
Sole Proprietorship - ✔✔Single owner, unlimited personal liability,
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Partnership - ✔✔Two or more owners, unlimited personal liability
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C Corporation - ✔✔The most common type of corporation, which is a legal business entity
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that offers limited liability to all of its owners, who are called stockholders
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S corporation - ✔✔A unique government creation that looks like a corporation but is taxed
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like sole proprietorships and partnerships
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LLC (Limited Liability Company) - ✔✔A company similar to an S corporation but without
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the special eligibility requirements.
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Contractors License - ✔✔Needed for those doing work over $25,000 - includes subs in MEP
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Limited Licensed Plumber or Electrician - ✔✔License for plumbers and electricans doing
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work under $25,000 || ||
Subrogation - ✔✔Insurance company right to recover cost of loss from negligent party
|| || || || || || || || || || || ||
TN Contractors License Exam with precise detailed answers
|| || || || || || ||
Entrepreneur - ✔✔A person who starts up and takes on the risk of a business || || || || || || || || || || || || || ||
Business Plan - ✔✔Cover Page, Executive Summary, Company Summary,
|| || || || || || || || ||
Products/Services, market analysis, market strategy, finanicial plan || || || || || ||
Sole Proprietorship - ✔✔Single owner, unlimited personal liability,
|| || || || || || ||
Partnership - ✔✔Two or more owners, unlimited personal liability
|| || || || || || || ||
C Corporation - ✔✔The most common type of corporation, which is a legal business entity
|| || || || || || || || || || || || || || ||
that offers limited liability to all of its owners, who are called stockholders
|| || || || || || || || || || || ||
S corporation - ✔✔A unique government creation that looks like a corporation but is taxed
|| || || || || || || || || || || || || || ||
like sole proprietorships and partnerships
|| || || ||
LLC (Limited Liability Company) - ✔✔A company similar to an S corporation but without
|| || || || || || || || || || || || || ||
the special eligibility requirements.
|| || ||
Contractors License - ✔✔Needed for those doing work over $25,000 - includes subs in MEP
|| || || || || || || || || || || || || ||
Limited Licensed Plumber or Electrician - ✔✔License for plumbers and electricans doing
|| || || || || || || || || || || ||
work under $25,000 || ||
Subrogation - ✔✔Insurance company right to recover cost of loss from negligent party
|| || || || || || || || || || || ||
