TN CONTRACTORS LICENSE
ACTUAL EXAM 100% CORRECT
ANSWERS
Sole Proprietorship - ANSWER --Single owner, unlimited personal liability,
Partnership - ANSWER --Two or more owners, unlimited personal liability
Entrepreneur - ANSWER --A person who starts up and takes on the risk of a business
Business Plan - ANSWER --Cover Page, Executive Summary, Company Summary,
Products/Services, market analysis, market strategy, finanicial plan
C Corporation - ANSWER --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 - ANSWER --A unique government creation that looks like a corporation but
is taxed like sole proprietorships and partnerships
LLC (Limited Liability Company) - ANSWER --A company similar to an S corporation but
without the special eligibility requirements.
Contractors License - ANSWER --Needed for those doing work over $25,000 - includes
subs in MEP
ACTUAL EXAM 100% CORRECT
ANSWERS
Sole Proprietorship - ANSWER --Single owner, unlimited personal liability,
Partnership - ANSWER --Two or more owners, unlimited personal liability
Entrepreneur - ANSWER --A person who starts up and takes on the risk of a business
Business Plan - ANSWER --Cover Page, Executive Summary, Company Summary,
Products/Services, market analysis, market strategy, finanicial plan
C Corporation - ANSWER --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 - ANSWER --A unique government creation that looks like a corporation but
is taxed like sole proprietorships and partnerships
LLC (Limited Liability Company) - ANSWER --A company similar to an S corporation but
without the special eligibility requirements.
Contractors License - ANSWER --Needed for those doing work over $25,000 - includes
subs in MEP
