A Michigan contractor forms a corporation for liability protection. What is the required minimum number of directors for a Michigan corporation?
Correct Answer
D) 1
Michigan law requires a minimum of one director for a corporation, making it accessible for small contractors to incorporate.
Why This Is the Correct Answer
Michigan law requires a minimum of one director for a corporation, making it accessible for small contractors to incorporate.
More mi-business Questions
A Michigan contractor forms an S-Corporation. What is the maximum number of shareholders allowed?
A contractor's employee is injured on a job site in Michigan. The contractor's workers' compensation insurance has a $500 deductible per claim. The total medical costs are $12,500 and lost wages are $3,200. What is the contractor's out-of-pocket cost for this claim?
What is the minimum general liability insurance coverage amount required for Michigan residential builders?
Under Michigan Act 299, what is the consequence for a contractor who performs work outside the scope of their license classification?
A contractor discovers that a subcontractor has filed a construction lien against their project. The general contractor believes the lien is invalid. What is the primary legal mechanism to challenge the lien in Michigan?
Under Michigan Act 299, what happens if a contractor continues to work without a valid license after it expires?
Which of the following best describes the 'pay when paid' clause limitation under Michigan law?
A project has total costs of $180,000 including $75,000 labor and $105,000 materials. With workers compensation at 7.8% of labor costs and general liability at 0.4% of total costs, what are the combined insurance costs?
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Under Michigan Act 299, a contractor's license must be renewed every:
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A subcontractor files a lien for $18,000 on a project. The general contractor disputes $6,000 of the claim. What amount should be held in escrow pending resolution?
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Under Michigan regulations, what is the maximum penalty for unlicensed contracting for work valued over $600?