Lesson 01_Professional Practice Flashcards
1
Q
SOLE PROPRIETORSHIP
A
is a single architect who provides architectural services.
2
Q
PARTNERSHIP
A
when two or more people join together to share ownership of a business organization.
3
Q
C Corporation or C corp
A
An independent business entity.
4
Q
S Corporation (S Corp)
A
is a variation of the corporate structure.
5
Q
A LIMITED LIABILITY COMPANY (LLC)
A
is a business structure that provides some liability protection, similar to a corporation, but also offers the tax simplicity of a partnership
6
Q
Ethics
A
refers to a persons adherence to a set of rules or values, based on moral principles of what is considered right or wrong.
7
Q
Duty
A
Is defined as a moral or legal obligation.
