The financial information required for a North Carolina General Contractor License depends upon the license limitation level you apply for. The license limitation level is strictly based on your financial qualification and determines the dollar value of projects you can complete under your license. The exam is the same regardless of your license limitation. You can increase or decrease license limitations at any time through your portal on the Board’s website.
For Limited Licenses
- A Limited License allows work on projects up to $750,000.
- A working capital (current assets exceeding current liabilities) of $17,000 or more, or a total net worth of $80,000 or more. This is demonstrated through a Balance Sheet completed as a part of your application.
- In lieu of demonstrating the above working capital, a surety bond can be provided in the amount of $175,000 for this license. The surety bond must meet several requirements issued by the Board. Read more about surety bonds here.
For Intermediate Licenses
- An Intermediate License will allow work on projects up to $1,500,000.
- A working capital (current assets exceeding current liabilities) of $75,000 or more. This is demonstrated in an “Agreed-upon Procedures Report” on a form provided by the Board or by an audited financial statement prepared by a CPA or independent public accountant.
- In lieu of demonstrating the above working capital, a surety bond can be provided in the amount of $500,000 for this license. The surety bond must meet several requirements issued by the Board. Read more about surety bonds here.
For Unlimited Licenses
- Unlimited Licenses have no dollar limit.
- A working capital (current assets exceeding current liabilities) of $150,000 or more. This is demonstrated in an “Agreed-upon Procedures Report” on a form provided by the Board or by an audited financial statement prepared by a CPA or independent public accountant.
- In lieu of demonstrating the above working capital, a surety bond can be provided in the amount of $1,000,000 for this license. The surety bond must meet several requirements issued by the Board. Read more about surety bonds here.
The exam is the same regardless of license limitation. Once you have completed the application process and been approved, it’s time to start preparing for your exam. This includes purchasing the correct books for your specific exam, appropriately tabbing and highlighting the books allowed in your exam, and studying the correct information for the books not allowed in your exam.
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