General and Mechanical Questions
Who is the qualifying party?
The person designated to pass the technical, business management/law and the S. C. Take Home Exam. This person must be a fulltime employee in a responsible management position. All licensees must designate a qualifying party for each license classification.
Can a qualifying party qualify two separate companies?
Yes. The qualifying party must sign an affidavit confirming they meet all of the qualifications listed in Section 40-11-230 of the law.
Who's net worth should be reflected on the financial statement? The Company or Individual?
The financial statement should be in the name of the applicant, which is the name in which you will conduct your business (i.e., sign contracts, advertise, etc.). If you apply as a corporation, LLC, LLP, etc. the financial statement must be in that entity's name.
Can I use the financial statement of the parent company?
Yes. You must also submit a letter from the parent company stating that the entity is a wholly owned subsidiary.
Can I submit a bond instead of a financial statement?
No. Only a financial statement is acceptable.
Can I submit a reviewed financial statement in lieu of an audited financial statement?
No. An audited financial statement is required for all initial applications and first time upgrades to the unlimited status.
Can our in-house CPA prepare our financial statement?
Yes. For Groups 1 and 2. For Groups 3 through 5, an independent CPA would need to prepare the financial statement.
What is net worth?
Assets minus liabilities equals net worth.
Do I need to submit the cover letter from the CPA who prepared my financial statement with my license application?
Yes. Submit with compiled, reviewed and audited financial statements.
I am applying for a license through reciprocity with Georgia. Georgia licenses the individuals - not the entities. What should I list in the applicant field on the application?
The name in which you conduct business, advertise, answer telephone, etc.
I was issued a license under the Group 1 Grandfather Clause. What do I need to do to upgrade my license?
You must pass the appropriate technical exam and then submit a Revision Application (Document #180).