Lesson 01_Professional Practice

Question 1

SOLE PROPRIETORSHIP

Answer 1

is a single architect who provides architectural services.

Question 2

PARTNERSHIP

Answer 2

when two or more people join together to share ownership of a business organization.

Question 3

C Corporation or C corp

Answer 3

An independent business entity.

Question 4

S Corporation (S Corp)

Answer 4

is a variation of the corporate structure.

Question 5

A LIMITED LIABILITY COMPANY (LLC)

Answer 5

is a business structure that provides some liability protection, similar to a corporation, but also offers the tax simplicity of a partnership

Question 6

Ethics

Answer 6

refers to a persons adherence to a set of rules or values, based on moral principles of what is considered right or wrong.

Question 7

Duty

Answer 7

Is defined as a moral or legal obligation.