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Virginia Contractors - (asset requirements)

3492 Views 4 Replies 4 Participants Last post by  D.E.P.S.
I will be getting my Virginia Class "B" Builders license in the next 2-3 weeks. I have a investor who wants to sponsor the $15,000 required assets for me. I have recieved a lot of work from this person and she has treated me like family over the past few years. My problem is that I would rather not be obligated to anyone. I called the DPOR office to ask what they would consider valid assets. I have about 1/2 of the required amount available in my business savings, and have at least twice that value in tools and vehicles. The lady at the DPOR office could not answer my question. It seems to me that the very people who regulate Virginia contractors would have that information available?

Would any of you Virginia guys/ladies have any first hand experience to share?

V/R..... John
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Go see your accountant. He will help you put this all together. Your assets will include anything you own , vehicles, tools, buildings, land, equipment, house, etc.

You be surprised how much you're worth when you start writing it all down.

I wouldn't advise you to accept 'sponsorship' money from someone.....there seems to always be strings attached to those deals...
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Politely decline the sponsorship with a gushing thank you and let her know you are all set.

List the value of your tools, equipment, vehicles and cash on hand and you are good to go.

Good luck with all.
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I saw my (newly hired) accountant yesterday. She helps a lot of start up contractors with this same situation. She pretty much repeated what you guys posted. By the time we got through listing all my tools/equipment/vehicle, I was in the clear a couple times over. are right. I was mildly amazed with the value of all the tools/equipment I have acquired over the past 10 years.

Thanks guys!
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