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Law & Business Mgmt

Law and Business Management Construction

QuestionAnswer
Which of the following business organizations is the easiest to form? Sole proprietorship. An individual or sole proprietorship is the easiest business to form because the owner is the business and it involves the least amount of government regulation.
Which business organization can use a trade or assumed name? Sole Proprietorship
Which business terminates upon the death of a partner, the withdrawal of a partner, or by bankruptcy. General partnership business.
What is the disadvantage of a sole proprietorship? The owner has unlimited personal liability.
Dept. of Business & Professional Regulation(DBPR) Governed by the Florida Statutes, Title 32, Regulation of Professions and Occupations, Chapter 489, Contracting (establishing Contractor Industry Licensing Board (The Board))
The Board Establishes issues & administers regulations governing the practice of contracting in fla. Consists of 18 members (each appointed for 4yrs; max 2 terms successive; max 11 yrs).
The Board duties Suspend or revoke licenses, impose fines up to $5K(plus cost) per violation, regulate procedures for handling complaints against contractors.
When must changes in a company status be reported? New company, new owners, or change in address must be reported in 30 days. While a change in management must be reported in 90 days.
What are the 2 types of licenses? (1)Statewide Certification and (2)Local Registration
What are the requirement for renewal? Licenses expire every 2 yrs; 14 hrs of Board-approved continuing ed.(consisting of: 1hr in W/C,1hr in safety, 1hr in business practice), and exam required bi-annually.
Building Permits Issued by the local Building Official (also inspections), while issuance of permits and inspections is regulated by the Board.
Construction Industries Recovery Fund To provide payments to consumers for dishonest or fraudulent conduct by a contractor who losses in a court of law.
What are the time constraints for requesting monies from the Recovery Fund? Initial claim within 2yrs and not more than 1yr after judgment.
What are the limits the Board can pay from the Recovery Fund? The Board may pay up to $25K single trans. [$50K for contracts after 07/2004 starting 1/1/2005]. Single licensee cannot exceed $100K per yr or $250K aggregate total [$500K for contracts after 07/2004 starting 1/1/2005].
How is the Construction Industries Recovery Fund maintained and funded? The Recovery Fund is funded thru a $.005 (1/2 cent) per square foot against building permits deposits in the Professional Regulation Trust Fund.
General Partnership In a general partnership, all of the partners share equal rights and responsibilities in the management of the business. Likewise, each partner in a general partnership assumes full personal liability for the debts and obligations of the business.
Limited Partnership A limited partnership consists of at least one general partner and one or more limited partners. The general partner, just like in a general partnership, bears full personal responsibility for the debts and obligations of the business. In exchange for thi
Limited Liability Partnership (LLP)/Limited Liability Limited Partnership (LLLP) Generally speaking, an LLP is the same as a general partnership and an LLLP is the same as a limited partnership in most respects, except that a partner cannot be held liable for the wrongful acts of other partners; and, in some states, the general partne
Limited Liability Company (LLC) An LLC is a legal entity that is formed by filing Articles of Organization at the state level. As the name suggests, a limited liability company provides limited liability protection to its owners (called "members") in much the same way a corporation does
This is the first document that the lien law creates, and is the duty of the owner to prepare and sign. It is the duty of the lender to record it, if there is a lender, otherwise the owner must record it. It is the duty of the owner to post a certified co The Notice of Commencement (to be recorded before improvements start, but not sooner than 90 days prior to commencing improvements)
How long does the notice of commencement remains effective? For a period of one year, unless: 1)It is otherwise stated in the notice of commencement. 2)An amended notice of commencement is recorded extending the time. 3)Unless the time is shortened by a termination of notice of commencement.
When does an owner have the right to request for copy of list of subs and suppliers. An owner has the right at any time to request in writing a list of all subcontractors and suppliers who have a contract with the contractor to furnish materials or perform any services. The contractor must respond to the request by furnishing the list wit
A lienor not in direct privity of contract with the owner, except a laborer, a professional lienor, or a subdivision improver, is required to serve the owner with a what at any time before the expiration of 45 days from the lienor’s first work or delivery Notice to Owner
Request for Sworn Statement of Account by Owner. The owner may, at any time before the lienor files suit to enforce its lien, request the lienor to furnish a written statement of account listing specific information. A lienor must furnish the sworn written statement responding to the information request
Recording of Claim of Lien The claim of lien must be recorded in the county where the improved property is located not later than 90 days from the lienor’s last work, or 90 days from the termination of the contractor under whom the lienor is working, whichever is sooner.
Serve copy of Claim of Lien on Owner The lienor is required to serve a copy of the claim of lien within 15 days of recording the lien. The owner has a defense to the extent the owner can show any harm as a consequence of not receiving the copy of the claim of lien within the 15 days.
Contractor to give Owner final contractor’s affidavit As a condition to the owner making, and the contractor being entitled to receive, final payment, the contractor (only) is required to give to the owner an affidavit reciting that all subs, suppliers, and laborers are paid in full, or if not, then reciting
Lienor request to owner for sworn statement A lienor who has recorded a claim of lien may request in writing a written statement of account from the owner. The written statement is to describe all direct contracts and the dates and amounts of payments so that the lienor may assess whether the owner
File suit to enforce lien A lien remains effective for a period of one year unless: 1)It is satisfied. 2)A notice of contest of lien is recorded. 3)A twenty-day summons to show cause is served on the lienor. 4)Suit is filed to enforce the lien by the lienor.
When will a lien expire? If suit is not filed prior to the one year, or within 60 days of the date that the clerk certifies that a notice of contest of lien was served on the lienor, or within 20 days of the lienor being served with a twenty-day summons to show cause. A lien cann
Created by: dpx1