Ch. 5 LEGAL STRUCTURE

Ch. 5 LEGAL STRUCTURE - CHAPTER - 5 LEGAL STRUCTURE Click...

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JOINT VENTURING Ø The need Ø Larger and complex projects exceed the capability of a single contractor Ø Joint venture (consortia) Ø Bonding issue
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Hover Dam Hover Dam Channel Tunnel
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LEGAL STRUCTURE Ø Proprietorship – a single person owns and operates the business Ø Partnership – young engineer with management experience and a job superintendent start a company Ø Corporation o Close or closely held corporation (small number of people and holds all stocks) o A public corporation (stock to be bought and sold freely) Ø Joint Venture – not a form of ownership but a temporary grouping of firms
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Figure 5-1 Forms of Legal Ownership in the Construction Industry
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PROPRIETORSHIP Ø The simplest form of legal structure Ø Individual owns and operates the business Ø No limitation of liability
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PARTNERSHIP Ø Similar to proprietorship, liabilities transferred to partners Ø No limitation of liability Ø General partners Ø Limited partners
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This note was uploaded on 11/11/2009 for the course CEIE 463 taught by Professor Bhargava during the Spring '09 term at George Mason.

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Ch. 5 LEGAL STRUCTURE - CHAPTER - 5 LEGAL STRUCTURE Click...

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