South Carolina Department of Labor Licensing and Regulation - Contractors Licensing Board

http://www.llr.state.sc.us/POL/Contractors/index.asp?file=pub.htm

• General contractors must meet a net worth requirement or submit a surety bond.
• Net worth requirements vary by group numbers and are as follows: Group 1: $10,000; Group 2: $40,000; Group 3: $100,000; Group 4: $175,000; Group 5: $250,000.
• For proof of meeting the net worth requirement, contractors in groups 1 or 2 must submit a self-prepared, notarized balance sheet; contractors in groups 3 or 4 must submit a financial statement reviewed on a GAAP basis; and contractors in group 5 must submit a financial statement audited on a GAAP basis.

General contractors must submit a surety bond or meet a net worth requirement. Bond amounts vary by group numbers and are as follows: Group 1: $20,000; Group 2: $80,000; Group 3: $200,000; Group 4: $350,000; Group 5: $500,000.

General contractor licenses are issued in 5 different group numbers: Group 1 contractors are eligible to work on projects costing $50,000 or less; Group 2 contractors are eligible for projects costing up to $200,000; Group 3 contractors are eligible for projects costing up to $500,000; Group 4 contractors are eligible for projects costing up to $1,500,000; and Group 5 contractors are eligible for projects of any cost.

http://www.llr.state.sc.us/POL/Contractors/index.asp?file=pub.htm

• Mechanical contractors must meet a net worth requirement or submit a surety bond.
• Net worth requirements vary by group numbers and are as follows: Group 1: $3,500; Group 2: $10,000; Group 3: $20,000; Group 4: $40,000; Group 5: $200,000.
• For proof of meeting the net worth requirement, contractors in groups 1 or 2 must submit a self-prepared, notarized balance sheet; contractors in groups 3 or 4 must submit a financial statement reviewed on a GAAP basis; and contractors in group 5 must submit a financial statement audited on a GAAP basis.

Mechanical contractors must submit a surety bond or meet a net worth requirement. Bond amounts vary by group numbers and are as follows: Group 1: $7,000; Group 2: $20,000; Group 3: $40,000; Group 4: $80,000; Group 5: $400,000.

Mechanical contractor licenses are issued in 5 different group numbers: Group 1 contractors are eligible to work on projects costing $17,500 or less; Group 2 contractors are eligible for projects costing up to $50,000; Group 3 contractors are eligible for projects costing up to $100,000; Group 4 contractors are eligible for projects costing up to $200,000; and Group 5 contractors are eligible for projects of any cost.