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NASCLA Business Law and Managment EXAM SC with complete solution
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NASCLA Business Law and Managment EXAM SC with complete solution
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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
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