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INDIVIDUAL - A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity.

PARTNERSHIP - A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships.

CORPORATION - A type of business structure and legal entity that is declared separate from its owners and shareholders. Corporations enjoy similar rights to a person, such as entering into contracts, owning assets, loaning money and hiring. It has these capabilities without the risk of being personally liable for business debts or legal obligations (in most cases).

Limited liability company (LLC) - is the United States-specific form of a private limited company. It is abusiness structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

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An artisan contractor is a class of workers, typically known as casual contractors. This title refers to a number of occupations that involve skilled work using tools on the work site of a client. Popular examples ofartisan contractors include the following skilled workers: plumbers. electricians.

Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause."

Excess liability is a policy issued to provide limits in excess of an underlying liability policy. The underlying liability policy can be, and often is, an umbrella liability policy. An excess liability policy is no broader than the underlying liability policy; its sole purpose is to provide additional limits of insurance.