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Louisiana Contractor's License-Questions with Correct Answers/ Verified/ 100% Pass
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Louisiana Contractor's License-Questions with Correct Answers/ Verified/ 100% Pass
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Louisiana Contractor's License-Questions with Correct Answers/Verified/ 100% Pass
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 an employer after final wages are paid... - ✔️✔️The
employer has 30 days to fulfill their request
OSHA requires employer's to post an annual summary of injuries and illnesses. - ✔️✔️No later than
February 1st of each year.
OSHA Form 300 must be kept for a period of... - ✔️✔️5 years after which the form pertains.
Occupational License Taxes are required by... - ✔️✔️Cities and Parishes
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 business license - ✔️✔️$500 per day of the violation, up to 3
months in jail, 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
Property Insurance - ✔️✔️A type of insurance that covers your business when damage to property,
theft, or loss occurs
Liability insurance - ✔️✔️insurance that provides protection from claims arising from injuries or
damage to other people or property.
Business Owner's Insurance - ✔️✔️Property and Liability insurance that has been bundled together.
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