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A provisional broker in Wilmington is preparing an exam-prep note on firm, office, BIC, and entity requirements. Which statement best applies under current North Carolina law?

Correct Answer

A) A sole proprietorship is not a separate business entity, but the broker still may need BIC designation depending on the activity conducted.

A sole proprietorship is not a separate business entity, but the broker still may need BIC designation depending on the activity conducted.

Answer Options
A
A sole proprietorship is not a separate business entity, but the broker still may need BIC designation depending on the activity conducted.
B
A sole proprietor may handle trust money on active status without considering BIC rules.
C
A sole proprietor never needs BIC designation for any brokerage activity.
D
A sole proprietor is always exempt from all office supervision rules under current North Carolina rules

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Related Topics & Key Terms

Key Terms:

bicdifficulty_3firm_office_bic_and_entity_requirementsnc_commission_rulesnc_statenorth_carolinasole_practitioner_exceptionsole_proprietortiming_forms_exceptions_and_authority
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