Firm Types

Question 1

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

Answer 1

Yes

Question 2

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

Answer 2

Yes

Question 3

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

Answer 3

No

Question 4

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

Answer 4

No

Question 5

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

Answer 5

Yes. Corporations are governed at a state level.

Question 6

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

Answer 6

No

Question 7

Moonlighting

Answer 7

Working at anothe place besides the primary job

Question 8

An employer can best prohibit moonlighting by using what?

Answer 8

Employment contract

Question 9

Noncompete clause

Answer 9

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.

Question 10

Does noncompete clause apply to current employees moolighting?

Answer 10

No, only to previous

Question 11

Is it easy to raise a capital in sole proprietorship?

Answer 11

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

Question 12

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

Answer 12

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