NASCLA Contractors Guide to business and law Alabama 3rd Edition Sole Proprietorship - Correct Answers ✅a business owned and managed by a single individual If doing business not under Sole proprietorship you need to file a "doing business as" to? - Correct Answers ✅Alabama Secretary of State what are the 2 types of partnerships - Correct Answers ✅1.General 2.Limited Each partner is responsible for the acts of the other partners when they act in the name of business - Correct Answers ✅General Partnership liable only for the previously agreed upon contribution to or investment in the business - Correct Answers ✅Limited Partners What is a LLP or L.L.P.? - Correct Answers ✅Limited Liability Partnership When does a business assume corporate identity? - Correct Answers ✅when it files as a corporation with the probate judges office in the county it is located. 1 / 2
NASCLA Contractors Guide to business and law Alabama 3rd Edition A foreign corporation is allowed to conduct business in Alabama when it files with whom? - Correct Answers ✅The secretary of state office (Alabama) What type of corporation receives "double taxation" - Correct Answers ✅C Corporation Limited Liability Company (LLC) - Correct Answers ✅characteristics of both a sole proprietorship and corporation Home Builder - Correct Answers ✅to construct or manage the construction, repair or improvement of any residence or structure that is not more than 3 floors in height and has no more than 4 units in an apartment complex At what point is a home builders license required? - Correct Answers ✅when the cost of the undertaking, including labor and materials is $10,000 or more.What happens if a payment is made from the recovery fund?
- Correct Answers ✅the license is terminated, and can be
- / 2
until licensee repays the fund plus 12% per annum Define Insurance - Correct Answers ✅a protective measure in which coverage is obtained for a specific risk through a contract.