Exam (elaborations)
NASCLA Business Law and Management EXAM SC 2024 With 100% Correct Answers Guarantee Pass
- Course
- Institution
NASCLA Business Law and Management EXAM SC 2024 With 100% Correct Answers Guarantee Pass
[Show more]
Content preview
NASCLA Business Law and Managment EXAM SC.pdf file:///C:/Users/HP/Desktop/New%20fo/NASCLA%20Business%20NASCLA BUSINESS LAW AND MANAGEMENT EXAM SC
1. Sole Proprietorship
Answer a business owned and managed by a single individual Simplest form to set up
unlimited Liability
2. Partnerships
Answer Business organizations in which two or more persons share re- sponsibilities, costs,
profits, and losses.
3. C Corporations
Answer 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
4. S corporation
Answer 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
1/
1 of 21 9/10/2024, 8:06
,NASCLA Business Law and Managment EXAM SC.pdf file:///C:/Users/HP/Desktop/New%20fo/NASCLA%20Business%20
5. Limited liability company
Answer A business organization in which the business (not the owner) is liable for the
company's debts
6. joint venture
Answer an agreement between two or more companies to share a business project
7. Reserving business Name
Answer Register with secretary of state
8. Purpose of licensing
Answer Protect Health, Safety, and welfare of the public
9. When is a Contractors license Needed?
Answer Excess of $5000
10. cease and desist order
Answer ruling requiring a company to stop an unfair business practice from performing work
without a license
11. Monetary limitations for general and mechanical contractors
Answer determined by the financial net worth of the entity seeking licensure
12. Group Limitations
Answer Divided into groups according to net worth.
2/
2 of 21 9/10/2024, 8:06
,NASCLA Business Law and Managment EXAM SC.pdf file:///C:/Users/HP/Desktop/New%20fo/NASCLA%20Business%20
13. Reciprocity
Answer South Carolina has a reciprocal agreement with certain states but licensee must still
pass the business and law exam.
14. Property insurance
Answer A type of insurance that covers damage to property, such as a home.
15. liability insurance
Answer insurance that provides protection from claims arising from injuries or damage to other
people or property
16. Business Owners Policy (BOP)
Answer Property and liability Coverage are bundles under business owners policies
17. Automobile Insurance
Answer Provides payments for both liability and physical dam- age to vehicles
18. Burglary and Theft Insurance
Answer Loss or damage by burglary, theft, Larceny, Robbery, Forgery, Fraud, and
vandalism.
19. Key Man Life Insurance
Answer This type of insurance is available as life insurance or disability insurance to protect
continuing sucess of your business.
3/
3 of 21 9/10/2024, 8:06
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BESTGOODIES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now