CSLB TEST LAW QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials!

CSLB TEST LAW QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials! A person may serve as the qualifying individual for no more than three (3) firms in any one-year period SOLE OWNERSHIP LICENSE, your qualifier may be either an RME or you, the owner Business income is reported as personal income; not transferable PARTNERSHIP LICENSE, your qualifier may either be one of the general partners (who shall be designated as the qualifying partner) or an RME Uses the financial and personal resources of two or more individuals who share in the owning and running of the business. It's easily established requiring only the registration of the business name if one of the people leaves they must request a one year continuance license CORPORATE LICENSE, your qualifier may be either one if the officers listed in CSLB Records for your license or an RME SEPARATE LEGAL ENTITY created by the government. May raise capital by selling stock to private investors or to the public; 90 days if you add one person LIMITED LIABILITY COMPANY LICENSE your qualifier may be a responsible managing member, responsible managing manager, RMO or RME Hybrid of a partnership and a corporation. It's owners are shielded from personal liability and all profits and losses pass directly to the owners without taxation of the entity itself. LLC is owned by its members; 90 days Yes. It is your responsibility to file a contractor license bond valued at $15,000 or equivalent cash deposit with the registrar If you have a limited liability company license, a separate $100,000 surety bond is required for the benefit of an employee or worker damaged Most bonds are issued for a period of one (1) to three (3) years All contractors are required to present proof of workers compensation insurance coverage as a condition of licensure or to maintain an active license How long is a license valid? Two years from the last day of the month in which it was issued License renewed Every 2 years if renewed on an active status or for four years if renewed inactive status Contractor bond is required $15,000 for all classification Bonds are not transferable--- they cannot be transferred from one license to another or from one qualifying individual to another Bonds must be filed with the CSLB within 90 days of the effective date of the bond You may add a classification to your existing license only if the license is renewed or current OSHA (3) days for serious violations and within (14) days for non serious violations