Can I use property and equipment to supplement my working to increase my monetary limit?

You cannot use property and equipment to supplement your working capital to increase your monetary limit.  Your monetary limit is based on 10 times the lesser of your working capital or net worth.  It is still important to include property and equipment on your financial statement to avoid signing a personal guaranty agreement.

Am I required to renew my Contractor’s license each year?

You must renew your license every other year. The renewal process involves submitting an application, paying a fee, providing an updated financial statement and providing current proof of insurance.  For monetary limits of $1.5 million or less, a self prepared financial statement is sufficient for renewal.

Can an applicant for a Home-Improvement license use a contractor Bond instead of a reviewed financial statement?

No. A Reviewed Financial Statement by a CPA is required for every initial license for projects greater than $25,000.

Is there any particular deadline to apply for a contractors license?

Click here for a link to the 2025 meeting schedule for the Tennessee Board of licensing Contractors.  All applications are due by the 20th of the month before each board meeting.