Louisiana Contractor's License Exam Study Guide with Complete Solutions

Louisiana Contractor's License Exam Study Guide with Complete Solutions Cover Page - Answer️️ -contains contact info and a confidentiality statement Abatement/Mold Remediation License - Answer️️ -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... - Answer️️ -The employer has 30 days to fulfill their request OSHA requires employer's to post an annual summary of injuries and illnesses. - Answer️️ -No later than February 1st of each year. OSHA Form 300 must be kept for a period of... - Answer️️ -5 years after which the form pertains. Occupational License Taxes are required by... - Answer️️ -Cities and Parishes executive summary - Answer️️ -includes highlights of the business plan and is meant to gain interest of the reader ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 2 Company Summary - Answer️️ -the company vision and mission, legal structure, management personnel, business location, and facilities Products and Services - Answer️️ -your specific products, primary subcontractors and suppliers, and expansion opportunities Market Analysis - Answer️️ -your target market, trends and major competitors are defined here Market Strategy - Answer️️ -the uniqueness of your product along with your pricing, advertising, and promotional strategy Financial Plan - Answer️️ -Financial statements, balance sheet, income statement, and cash flow statement Sole Proprietorship - Answer️️ -a business owned and managed by a single individual Partnership - Answer️️ -A business in which two or more persons combine their assets and skills Limited Liability Corporation - Answer️️ -a type of business with limited liability for the owners, with the advantage of not paying corporate income tax ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 3 C Corporation - Answer️️ -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 - Answer️️ -a form of corporation that avoids double taxation by passing items of income, loss, deduction, and credits through to its shareholders Joint Venture - Answer️️ -an agreement between two or more companies to share a business project business License - Answer️️ -protects the public from unqualified, inexperienced, incompetent or unethical contractors Licensing Authorities - Answer️️ -conduct investigations and discipline problem contractors, levee fines, and even revoke licenses Louisiana Licensing Board - Answer️️ -15 members appointed by the governor and represent each voting district. Commercial Contract - Answer️️ -license is required for $50,000 or more Electrical and/or Mechanical Contract - Answer️️ -License is required for $10,000 or more Residential Contract - Answer️️ -license is required for $75,000 or more ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 4 Abatement contract - Answer️️ -license is required for $1 or more Home remodel contract - Answer️️ -License required for $7,500 or more Commercial Project - Answer️️ -any project other than residential Multi-Resident Contracts - Answer️️ -considered to be a commercial project if in the same subdivision Exempt from licensing - Answer️️ -property owners who build for their own use, donated labor, public utilities, equipment repair, mobile home builders Penalties for working without a business license - Answer️️ -$500 per day of the violation, up to 3 months in jail, or both. Qualifying Party - Answer️️ -The person who will hold the business license. 30 days - Answer️️ -the amount of time you have to notify the board about a termination of a qualifying party 60 days - Answer️️ -the amount of time you have to replace a qualifying party Licensing Renewals - Answer️️ -must be submitted 30 days prior to the anniversary date they were issued ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 5 Insurance - Answer️️ -supplements your risk management program and is sometimes required by law Property Insurance - Answer️️ -A type of insurance that covers your business when damage to property, theft, or loss occurs Liability insurance - Answer️️ -insurance that provides protection from claims arising from injuries or damage to other people or property. Business Owner's Insurance - Answer️️ -Property and Liability insurance that has been bundled together. Burglary and Theft Insurance - Answer️️ -covers loss fro