A firm desiring to be licensed as a Class B contractor must have a minimum net worth of what amount?

To be licensed as a Class B contractor in Virginia, a firm must demonstrate that it has a minimum net worth of $15,000. This requirement ensures that contractors possess a certain level of financial stability and capability to handle the responsibilities associated with contracting work. Having a predefined net worth helps protect consumers by ensuring that contractors have the resources necessary to complete projects, manage potential liabilities, and fulfill their obligations. In this regulatory context, net worth is calculated as the total assets minus total liabilities, and reaching this threshold is a key step for firms looking to operate legally and responsibly within the construction industry.