Exam (elaborations)
NASCLA Business Law and Managment EXAM SC with complete solution
- Course
- Institution
NASCLA Business Law and Managment EXAM SC with complete solution
[Show more]
Content preview
NASCLABusiness
Law
and
Managment
EXAM
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
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 ACTUALSTUDY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75391 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now