TN Business And Law Practice Questions - Tennessee Contractor Business And Law Examination Exam

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A Tennessee contractor operates as a sole proprietorship with no separate legal entity. Which statement best describes the owner's personal liability for business debts and job-site claims?

The owner is liable only up to the contractor license monetary limit The owner has unlimited personal liability for the business's debts and obligations Personal assets are automatically shielded once a Board license is issued Liability is limited to the amount of the general liability policy deductible

Correct Answer:

The owner has unlimited personal liability for the business's debts and obligations

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