Limited
Liability Company (LLC) contractor’s licensing will become a reality in
California this January. California’s SB
392 signed by the Governor in 2010 authorizes the Contractor’s State License
Board to issue LLC licenses for the first time. Currently the rule in many
other States the new law gives the CSLB until January 1, 2012 to implement the
change in California.
A rush
of applications to obtain this new license form is expected by contractors
licensing expert and author, David Kalb, President of Capitol Services Inc. “At the latest CSLB meeting we learned that
the Board’s IT department is working on programming this change. New insurance forms are under review by the
Attorney General, unique LLC applications are being written and licensing
procedures created,” Kalb says.
Kalb
also notes, “Because of how the
legislation was written, all LLC Officers, members, managers, or directors must
be listed as personnel of record. Additionally applicants will need to submit
electronic fingerprints, if not previously recorded by the CSLB. The law also
requires a $100,000 surety bond (in addition to the $12,500 contractor’s bond)
and a minimum one million dollar liability insurance policy.”
Contractors in California Get Their LLC Wish