since the load will be between the collector and the ground (Vcc), and the emitter will be connected to Power V+?
No Vcc is +V
Emitter is tied to ground.
Load between +V and collector.
When base is higher than emitter by ~0.7V that "diode" goes into conduction, current can flow thru transistor, collector goes to ground (OK, 0.7V?) Anywho, you've got the load connected between Vcc and "near ground" = "ON"
When base goes to ground, base-emitter "diode" no longer in conduction, transistor = "OFF", collector voltage rises up to Vcc.
For future reference, if you put the load between the emitter and ground, the output will follow the input, not the reverse of it. (And if I understand, you currently want the reverse.) But, assuming you are using a bigger power supply on the load than the Arduino, be careful that your transistor base doesn't rise to a voltage above the Arduino's Vcc (5V). Powering ICs via their output pins is not a situation known to increase silicon life span. 
Here's some pictures...
http://www.kpsec.freeuk.com/trancirc.htm