Louisiana Contractor's License – Questions With
Correct Solutions
Save
Terms in this set (226)
Cover Page contains contact info and a confidentiality statement
Abatement/Mold Remediation License requires a 4 hour course in "unfair trade practices and
consumer protection law".
If an employee requests their W2 from The employer has 30 days to fulfill their request
an employer after final wages are
paid...
OSHA requires employer's to post an No later than February 1st of each year.
annual summary of injuries and
illnesses.
OSHA Form 300 must be kept for a 5 years after which the form pertains.
period of...
Occupational License Taxes are Cities and Parishes
required by...
executive summary includes highlights of the business plan and is meant
to gain interest of the reader
Company Summary the company vision and mission, legal structure,
management personnel, business location, and
facilities
Products and Services your specific products, primary subcontractors and
suppliers, and expansion opportunities
,Market Analysis your target market, trends and major competitors are
defined here
Market Strategy the uniqueness of your product along with your
pricing, advertising, and promotional strategy
Financial Plan Financial statements, balance sheet, income
statement, and cash flow statement
Sole Proprietorship a business owned and managed by a single
individual
Partnership A business in which two or more persons combine
their assets and skills
Limited Liability Corporation a type of business with limited liability for the owners,
with the advantage of not paying corporate income
tax
C Corporation The most common type of corporation, which is a
legal business entity that offers limited liability to all
of its owners, who are called stockholders
S corporation a form of corporation that avoids double taxation by
passing items of income, loss, deduction, and credits
through to its shareholders
Joint Venture an agreement between two or more companies to
share a business project
business License protects the public from unqualified, inexperienced,
incompetent or unethical contractors
Licensing Authorities conduct investigations and discipline problem
contractors, levee fines, and even revoke licenses
Louisiana Licensing Board 15 members appointed by the governor and
represent each voting district.
, Commercial Contract license is required for $50,000 or more
Electrical and/or Mechanical Contract License is required for $10,000 or more
Residential Contract license is required for $75,000 or more
Abatement contract license is required for $1 or more
Home remodel contract License required for $7,500 or more
Commercial Project any project other than residential
Multi-Resident Contracts considered to be a commercial project if in the same
subdivision
Exempt from licensing property owners who build for their own use,
donated labor, public utilities, equipment repair,
mobile home builders
Penalties for working without a $500 per day of the violation, up to 3 months in jail,
business license or both.
Qualifying Party The person who will hold the business license.
30 days the amount of time you have to notify the board
about a termination of a qualifying party
60 days the amount of time you have to replace a qualifying
party
Licensing Renewals must be submitted 30 days prior to the anniversary
date they were issued
Insurance supplements your risk management program and is
sometimes required by law
Correct Solutions
Save
Terms in this set (226)
Cover Page contains contact info and a confidentiality statement
Abatement/Mold Remediation License requires a 4 hour course in "unfair trade practices and
consumer protection law".
If an employee requests their W2 from The employer has 30 days to fulfill their request
an employer after final wages are
paid...
OSHA requires employer's to post an No later than February 1st of each year.
annual summary of injuries and
illnesses.
OSHA Form 300 must be kept for a 5 years after which the form pertains.
period of...
Occupational License Taxes are Cities and Parishes
required by...
executive summary includes highlights of the business plan and is meant
to gain interest of the reader
Company Summary the company vision and mission, legal structure,
management personnel, business location, and
facilities
Products and Services your specific products, primary subcontractors and
suppliers, and expansion opportunities
,Market Analysis your target market, trends and major competitors are
defined here
Market Strategy the uniqueness of your product along with your
pricing, advertising, and promotional strategy
Financial Plan Financial statements, balance sheet, income
statement, and cash flow statement
Sole Proprietorship a business owned and managed by a single
individual
Partnership A business in which two or more persons combine
their assets and skills
Limited Liability Corporation a type of business with limited liability for the owners,
with the advantage of not paying corporate income
tax
C Corporation The most common type of corporation, which is a
legal business entity that offers limited liability to all
of its owners, who are called stockholders
S corporation a form of corporation that avoids double taxation by
passing items of income, loss, deduction, and credits
through to its shareholders
Joint Venture an agreement between two or more companies to
share a business project
business License protects the public from unqualified, inexperienced,
incompetent or unethical contractors
Licensing Authorities conduct investigations and discipline problem
contractors, levee fines, and even revoke licenses
Louisiana Licensing Board 15 members appointed by the governor and
represent each voting district.
, Commercial Contract license is required for $50,000 or more
Electrical and/or Mechanical Contract License is required for $10,000 or more
Residential Contract license is required for $75,000 or more
Abatement contract license is required for $1 or more
Home remodel contract License required for $7,500 or more
Commercial Project any project other than residential
Multi-Resident Contracts considered to be a commercial project if in the same
subdivision
Exempt from licensing property owners who build for their own use,
donated labor, public utilities, equipment repair,
mobile home builders
Penalties for working without a $500 per day of the violation, up to 3 months in jail,
business license or both.
Qualifying Party The person who will hold the business license.
30 days the amount of time you have to notify the board
about a termination of a qualifying party
60 days the amount of time you have to replace a qualifying
party
Licensing Renewals must be submitted 30 days prior to the anniversary
date they were issued
Insurance supplements your risk management program and is
sometimes required by law
