CALIFORNIA CHANGES LAW TO ALLOW CONTRACTORS TO OPERATE AS LLCs and ENGINEERS AND LAND SURVEYORS AS LLPS

On September 30, 2010, Governor Schwarzenegger signed SB 392, which will permit the California State Contractors License Board to issue contractors licenses to limited liability companies no later than January 1, 2012.  As with other professionals who organize as LLCs or limited liability partnerships (“LLPs”), an LLC holding a contractors license will be required to maintain a minimal level of security for consumer claims.  Security (Insurance) Requirements.  The security can be satisfied through insurance, as set forth below: 1.         For LLCs with five or fewer persons listed on the “members... Read The Rest →