Corporate Powers and Liabilities

Question 1

What statutory powers does every Florida corporation have?

Answer 1

See page 6 of the outline

Question 2

What general liabilities do corporations have?

Answer 2

Corporations are liable for their contractual obligations and for the torts committed by their employees the same as individual persons.

Question 3

Vicarious liability

Answer 3

Corporations ARE liable as masters for the torts of their servants committed while the latter were acting within the scope of their employment.

Question 4

Punitive Damages

Answer 4

In Florida, a corporation may be held vicariously liable for punitive damages if an agent or employee engages in intentional misconduct or is grossly negligent and:

1. The corporation actively and knowingly participated in the conduct;
2. The officers, directors, or managers knowingly condoned, ratified, or consented to the conduct; or
3. The corporation engaged in grossly negligent conduct that contributed to the loss, damages, or injury suffered.