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Telephone: (803) 896-4686
Email: clbhelp@llr.sc.gov

Roger K. Lowe
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Rhonda Jackson
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Kim Long
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Georgia Lewis
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Tracy Gunter
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Chanda Davis
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Lee English
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South Carolina Contractor's Licensing Board

Financial Statement Requirements

A financial statement dated within 12 months of the date on the application must be submitted with all applications reflecting the appropriate net worth for the group in which you are applying. The financial statement must be in the name of the entity applying for a license and reflect the net worth of that entity. Financial statements of the owner/sole proprietor cannot be substituted for a partnership, corporation, LLC, etc. A financial statement on a parent company may be accepted if the accompanied by a letter from the parent company stating the entity is a wholly owned subsidiary.

Financial statement requirements for initial applications and renewal applications are not the same. See License Renewal and Reinstatement Requirements, and Section 40-11-260 of the General and Mechanical Contracting Practice Act for additional information regarding financial statement requirements.

The following financial statement requirements apply to initial applications:

Groups 1 and 2 - Submit a “self-prepared” notarized financial statement. You may download our form, Document #172, from our website, generate a balance sheet from your own accounting software (i.e. QuickBooks), or obtain a form from your bank. All forms must be signed and notarized.

Groups 3 and 4 - Submit a "compiled” financial statement prepared by a Certified Public Accountant (CPA) or Licensed Public Accountant (LPA). The financial statement must include a signed cover letter from the CPA or LPA stating it was "compiled”. It must be prepared in accordance with SSARS including all disclosures required by GAAP.

Group 5 - Submit an "audited” financial statement prepared by a CPA including all disclosures required by GAAP (no exceptions will be made). The financial statement must include a signed cover letter from the CPA. It must be prepared in accordance with SSARS including all disclosures required by GAAP.

General Contractor

Limit Per Contract Net Worth Requirement
Group # 1 $30,000 $6,000
Group # 2 $100,000 $20,000
Group # 3 $350,000 $70,000
Group # 4 $750,000 $150,000
Group # 5 $Unlimited $250,000

Mechanical Contractor

Limit Per Contract Net Worth Requirement
Group # 1 $17,500 $3,500
Group # 2 $30,000 $6,000
Group # 3 $50,000 $10,000
Group # 4 $125,000 $25,000
Group # 5 $Unlimited $100,000

Also, see Policy for Financial Statements.

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Columbia, S.C. 29210
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