Louisiana Contractor-s License Exam with precise detailed solutions

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Louisiana Contractor's License Exam with precise detailed || || || || || || ||




solutions


Cover Page - ✔✔contains contact info and a confidentiality statement
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Abatement/Mold Remediation License - ✔✔requires a 4 hour course in "unfair trade
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practices and consumer protection law".
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If an employee requests their W2 from an employer after final wages are paid... - ✔✔The
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employer has 30 days to fulfill their request
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OSHA requires employer's to post an annual summary of injuries and illnesses. - ✔✔No
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later than February 1st of each year.
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OSHA Form 300 must be kept for a period of... - ✔✔5 years after which the form pertains.
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Occupational License Taxes are required by... - ✔✔Cities and Parishes
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executive summary - ✔✔includes highlights of the business plan and is meant to gain
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interest of the reader
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Company Summary - ✔✔the company vision and mission, legal structure, management
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personnel, business location, and facilities
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Products and Services - ✔✔your specific products, primary subcontractors and suppliers,
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and expansion opportunities
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Market Analysis - ✔✔your target market, trends and major competitors are defined here
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Market Strategy - ✔✔the uniqueness of your product along with your pricing, advertising,
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and promotional strategy
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Financial Plan - ✔✔Financial statements, balance sheet, income statement, and cash flow
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statement



Sole Proprietorship - ✔✔a business owned and managed by a single individual
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Partnership - ✔✔A business in which two or more persons combine their assets and skills
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Limited Liability Corporation - ✔✔a type of business with limited liability for the owners,
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with the advantage of not paying corporate income tax
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C Corporation - ✔✔The most common type of corporation, which is a legal business entity
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that offers limited liability to all of its owners, who are called stockholders
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S corporation - ✔✔a form of corporation that avoids double taxation by passing items of
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income, loss, deduction, and credits through to its shareholders
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Joint Venture - ✔✔an agreement between two or more companies to share a business
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project



business License - ✔✔protects the public from unqualified, inexperienced, incompetent or
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unethical contractors ||




Licensing Authorities - ✔✔conduct investigations and discipline problem contractors, levee
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fines, and even revoke licenses
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Louisiana Licensing Board - ✔✔15 members appointed by the governor and represent each
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voting district.
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Commercial Contract - ✔✔license is required for $50,000 or more
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Electrical and/or Mechanical Contract - ✔✔License is required for $10,000 or more
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Residential Contract - ✔✔license is required for $75,000 or more
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Abatement contract - ✔✔license is required for $1 or more
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Home remodel contract - ✔✔License required for $7,500 or more
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Commercial Project - ✔✔any project other than residential
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Multi-Resident Contracts - ✔✔considered to be a commercial project if in the same
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subdivision



Exempt from licensing - ✔✔property owners who build for their own use, donated labor,
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public utilities, equipment repair, mobile home builders
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Penalties for working without a business license - ✔✔$500 per day of the violation, up to 3
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months in jail, or both.
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Qualifying Party - ✔✔The person who will hold the business license.
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