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Questions and Answers
Which type of property ownership is recommended for married couples to protect their banking assets?
What is required for a licensed contractor to conduct business in Florida?
If an individual holds 100% of the shares and all officer positions in a corporation, what is their liability status?
What occurs if a corporation uses a name different from its registered name in Florida?
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What is the liability of an individual acting on behalf of a corporation without authority?
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What limitations does a certified building contractor face?
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What must an individual applying for licensure demonstrate?
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What restriction applies to a certified contractor regarding their business qualifications?
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Which statement about making a claim against an insurance policy is true?
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What may lead to the disciplinary action against a license holder?
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Which chapter of the Florida Statutes governs construction procurements at the state level?
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Under what circumstances is the government exempt from competitive bidding requirements?
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When is a Request for Proposal (RFP) typically used?
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An Invitation to Negotiate is appropriate in which situation?
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According to Florida procurement law, what can a bidder do after submitting a bid?
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Which situations are exempt from public view under the Florida Sunshine Law?
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Study Notes
Marital Asset Protection
- To protect marital assets, a married couple's banking account should be held as Joint Tenancy with a right of survivorship.
Contractor Licensing in Florida
- A licensed contractor in Florida must have an Occupational License.
Shareholder Liability
- An individual shareholder holding 100% of a corporation's stock and all officer positions is personally liable for all damages from lawsuits against the corporation.
Corporate Name Violations
- A corporation using a name different from its registered name with the State of Florida is committing a violation and may be fined.
Corporate Agent Liability
- An individual acting without authority on behalf of a corporation is personally liable for incurred debts and liabilities. They may also be individually liable for fraud, even as a corporate officer.
Certified Building Contractor Limitations
- A certified building contractor may build residential and commercial structures, but there are height restrictions that vary. For instance some certifications may only allow builing residential structures not exceeding two habitable stories.
Licensure Requirements
- An individual applying for a contractor's license must demonstrate financial responsibility and good moral character.
Contractor Business Qualifications
- A certified contractor can qualify for more than one business, but there may be additional requirements to do so. For example, they may need approval from the licensing board if not owning 50% or more of both businesses.
Claims-Based Insurance Policies
- A claims-based insurance policy allows claims anytime as long as the occurrence happened during the policy period.
Contractor Disciplinary Actions
- A license holder may face disciplinary action for allowing a valid lien to remain after payment and for abandoning a job. Also failing to obtain permits and inspections.
State-Level Construction Procurement
- State-level construction procurements are governed by Chapter 255 of the Florida Statutes.
Government Bidding Exemptions
- The government is exempt from competitive bidding requirements when it receives no responsive bids.
Request for Proposal (RFP) Use
- RFPs are used when a public authority cannot fully define the work scope, when services can be provided in multiple ways, and when qualifications and service quality are prioritized over price.
Invitation to Negotiate Use
- Invitations to Negotiate are used to determine optimal methods for achieving goals, when responses offer varying service levels requiring negotiation, and when informally requesting prices.
Bid Modification After Submission
- In Florida procurement, bidders generally cannot change their bids after they are opened. There are some very limited exceptions (such as minor clerical errors) with immediate notification to the government body.
Florida Sunshine Law Exemptions
- Certain portions of government meetings, such as negotiations with vendors and oral vendor presentations, are exempt from public view under the Florida Sunshine Law.
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Description
Test your knowledge on key aspects of corporate law in Florida, including marital asset protection, contractor licensing, and shareholder liability. This quiz will cover essential legal concepts that every business owner should understand to mitigate risks and comply with state requirements.
