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NASCLA Business Law and Managment EXAM SC. Questions & answers
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NASCLA Business Law and ManagmentEXAM SC
Sole Proprietorship - ANS-a business owned and managed by a single individual
Simplest form to set up
unlimited Liability
Partnerships - ANS-Business organizations in which two or more persons share
responsibilities, costs, profits, and losses.
C Corporations - ANS-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 - ANS-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 - ANS-A business organization in which the business (not the
owner) is liable for the company's debts
joint venture - ANS-an agreement between two or more companies to share a business
project
Reserving business Name - ANS-Register with secretary of state
Purpose of licensing - ANS-Protect Health, Safety, and welfare of the public
When is a Contractors license Needed? - ANS-Excess of $5000
cease and desist order - ANS-ruling requiring a company to stop an unfair business
practice from performing work without a license
Monetary limitations for general and mechanical contractors - ANS-determined by the
financial net worth of the entity seeking licensure
, Group Limitations - ANS-Divided into groups according to net worth.
Reciprocity - ANS-South Carolina has a reciprocal agreement with certain states but
licensee must still pass the business and law exam.
Property insurance - ANS-A type of insurance that covers damage to property, such as
a home.
liability insurance - ANS-insurance that provides protection from claims arising from
injuries or damage to other people or property
Business Owners Policy (BOP) - ANS-Property and liability Coverage are bundles
under business owners policies
Automobile Insurance - ANS-Provides payments for both liability and physical damage
to vehicles
Burglary and Theft Insurance - ANS-Loss or damage by burglary, theft, Larceny,
Robbery, Forgery, Fraud, and vandalism.
Key Man Life Insurance - ANS-This type of insurance is available as life insurance or
disability insurance to protect continuing sucess of your business.
Coverage Gaps and Overlaps - ANS-It is important to evaluate all your insurance
coverage. Using one insurer may minimize gaps and overlaps in coverage.
Bid Documents include - ANS-An invitation to Bid
Bid instructions
Bid forms
Supplements
Ethics in bidding - ANS-Bid Shopping
Bid Peddling
Bid Rigging
Bid Shopping - ANS-The practice of revealing the sub-bid of one subcontractor to obtain
a lower price from another subcontractor.
Bid Peddling - ANS-approaching the general contractor once you won the job and try to
get the price lower
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