Exam (elaborations)
Louisiana Contractor-s License (1)
Louisiana Contractor-s License (1)
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Louisiana Contractor's LicenseCover Page - ANS-contains contact info and a confidentiality statement
Abatement/Mold Remediation License - ANS-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... - ANS-The
employer has 30 days to fulfill their request
OSHA requires employer's to post an annual summary of injuries and illnesses. - ANS-No later
than February 1st of each year.
OSHA Form 300 must be kept for a period of... - ANS-5 years after which the form pertains.
Occupational License Taxes are required by... - ANS-Cities and Parishes
executive summary - ANS-includes highlights of the business plan and is meant to gain interest
of the reader
Company Summary - ANS-the company vision and mission, legal structure, management
personnel, business location, and facilities
Products and Services - ANS-your specific products, primary subcontractors and suppliers, and
expansion opportunities
Market Analysis - ANS-your target market, trends and major competitors are defined here
Market Strategy - ANS-the uniqueness of your product along with your pricing, advertising, and
promotional strategy
Financial Plan - ANS-Financial statements, balance sheet, income statement, and cash flow
statement
Sole Proprietorship - ANS-a business owned and managed by a single individual
Partnership - ANS-A business in which two or more persons combine their assets and skills
Limited Liability Corporation - ANS-a type of business with limited liability for the owners, with
the advantage of not paying corporate income tax
,C Corporation - ANS-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 - ANS-a form of corporation that avoids double taxation by passing items of
income, loss, deduction, and credits through to its shareholders
Joint Venture - ANS-an agreement between two or more companies to share a business project
business License - ANS-protects the public from unqualified, inexperienced, incompetent or
unethical contractors
Licensing Authorities - ANS-conduct investigations and discipline problem contractors, levee
fines, and even revoke licenses
Louisiana Licensing Board - ANS-15 members appointed by the governor and represent each
voting district.
Commercial Contract - ANS-license is required for $50,000 or more
Electrical and/or Mechanical Contract - ANS-License is required for $10,000 or more
Residential Contract - ANS-license is required for $75,000 or more
Abatement contract - ANS-license is required for $1 or more
Home remodel contract - ANS-License required for $7,500 or more
Commercial Project - ANS-any project other than residential
Multi-Resident Contracts - ANS-considered to be a commercial project if in the same subdivision
Exempt from licensing - ANS-property owners who build for their own use, donated labor, public
utilities, equipment repair, mobile home builders
Penalties for working without a business license - ANS-$500 per day of the violation, up to 3
months in jail, or both.
Qualifying Party - ANS-The person who will hold the business license.
30 days - ANS-the amount of time you have to notify the board about a termination of a
qualifying party
60 days - ANS-the amount of time you have to replace a qualifying party
, Licensing Renewals - ANS-must be submitted 30 days prior to the anniversary date they were
issued
Insurance - ANS-supplements your risk management program and is sometimes required by
law
Property Insurance - ANS-A type of insurance that covers your business when damage to
property, theft, or loss occurs
Liability insurance - ANS-insurance that provides protection from claims arising from injuries or
damage to other people or property.
Business Owner's Insurance - ANS-Property and Liability insurance that has been bundled
together.
Burglary and Theft Insurance - ANS-covers loss from larceny, robbery, forgery, fraud, and
vandalism
Key Man Life Insurance - ANS-life insurance that is applied for, owned by, and payable to a
business on the life of a key individual.
Bonds - ANS-provide protections when contractual obligations are not met
Bond language - ANS-contains the total dollar amount, length of term, requirements for defect,
and enforcement.
Time management - ANS-gives you a competitive edge and helps you anticipate problems
before they occur.
Delegation - ANS-increases your efficiency and helps develop your employees
Business Ethics - ANS-helps protect your reputation and avoid litigation
Technology - ANS-an essential tool for communicating and keeping your business competitive
Marketing Tools - ANS-logos, stationery, and business cards that can help establish your
company identity
Estimate Planning - ANS-first steps that include careful review of the construction documents
and a site visit
Bid Documents - ANS-include an invitation, instructions, required forms, and supplemental
information
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