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Question 11.Stevie wants to renovate his current storefront cafe to include a open BBQ pit and a brick oven pizza. What type of permit does he need?
Question 22.Which of the following permits are for businesses who comply with regulations concerning chemical spills and pollution?
Question 33.Duffs McGee wants to open a small casino on the corner of Main and Elm Streets. It happens to be within 200 yards of an elementary school. In order for Duffs to open the gambling house, he would have to get which type of license or permit?
Question 44.What must a person seeking an occupational license do in order to obtain a license?
Question 55.What is the purpose of requiring a bar to be licensed with the Alcohol and Tobacco Tax and Trade Bureau?
Question 66.A sole proprietorship must register with which of the following?
Question 77.What happens if a sole proprietorship takes on a second owner?
Question 88.Which of the following businesses represents a sole proprietorship?
Question 99.How much protection from liability does a sole proprietorship offer?
Question 1010.Which of the following describes the income tax treatment for a sole proprietorship?
Question 1111.Which of the following is the best explanation of the main difference or differences between a limited partner and a general partner?
Question 1212.Which one of the following is the partnership document that governs the rights and responsibilities of the partners?
Question 1313.What type of partnership has a general partner who has full liability and a limited partner whose liability is limited to their investment in the partnership?
Question 1414.Which one of the following do LPs, LLPS, and LLLPs have in common but is not a characteristic of a general partnership?
Question 1515.What type of partnership offers no protection from personal liability for the partners?
Question 1616.What document is used to govern the operations of a limited liability company?
Question 1717.Bob goes to Susie's General Store which is a Limited Liability Company. While there, something falls off the shelf and hits Bob on the head. Bob wants to pursue legal action. What are Bob's legal options?
Question 1818.What is the best explanation of pass-through taxation?
Question 1919.Which of the following is true about a limited liability company?
Question 2020.What does someone have to file to form a limited liability company?
Question 2121.Which one of the following is considered a disadvantage of a corporation?
Question 2222.Tyler is the sole owner and stockholder of the corporation, Tyler's Tires. Two years ago, Tyler's Tires hired Anna as the CEO. If Tyler dies, what happens to Tyler's Tires?
Question 2323.What is the difference between an S-corporation and a C-corporation?
Question 2424.What do you call the documentation that governs the corporation's activities?
Question 2525.What is the primary reason a business a would decide to become a corporation over any other form of organization?
Understanding Business Structures Chapter Exam Instructions
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