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