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PRACTICE MANAGEMENT > Firm Types > Flashcards

Flashcards in Firm Types Deck (12):
1

For corporations, are all the stockholders, directors, and officers required to be licensed architects?

Yes

2

For corporations, is a certificate of autorization required by state?

Yes

3

For corporations, is a formal agreement required between the directors?

No

4

For corporations, is a business license required by a municipality?

No

5

Must articles of incorporation be filed with the state's secretary of state?

Yes. Corporations are governed at a state level.

6

For corporations, must duplicate filing be sent to the IRS?

No

7

Moonlighting

Working at anothe place besides the primary job

8

An employer can best prohibit moonlighting by using what?

Employment contract

9

Noncompete clause

After leaving the firm, the employee cannot set up a competing business in the same geographical area, nor accept work from the previous employer's developers.

10

Does noncompete clause apply to current employees moolighting?

No, only to previous

11

Is it easy to raise a capital in sole proprietorship?

No, it depends on the owner's personal credit rating.

12

For sole proprietorship, what ia subject to claims? What is the limot of liability?

Unlimited liabilty, claims against company affect the owner' personal assets.