305Chapter5 - No say in management Contribution must be...

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Chapter 5 Legal Organization 180:305
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Organizing A Construction Company Management Responsibilities in accomplishing goals Legal Tax Liability Ability to raise capital
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Legal Structure Proprietorship Partnership Corporation Closely-held Public Most construction companies are closely held corporations
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Proprietorship Simplest form Assets held by an individual Owner= Firm Unlimited personal liability Proprietorship ceases at owner’s death
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Partnership Partnership liabilities are directly transmitted to partners Control of firm divided among General Partners Action of one partner is binding on all the others
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Limited Partnership Limited Partners Liability limited to investment
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Unformatted text preview: No say in management Contribution must be tangible General Partners manage firm Corporation Separate legal entity Shares of stock issued initial stockholders contribute capital Value of Stock par value book value market value Corporation-II Most complicated to form Requires a lawyer Formal meetings Printed stocks Charter Laws Limitation of Liability Stockholders can only lose amount of investment Double Taxation Profits Pay business tax Pay personal tax on dividends and salary Corporation-IV Raising funds for expansion Sell More Stock Corporation is perpetual...
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This note was uploaded on 01/09/2009 for the course CIVIL ENGI 180:305 taught by Professor Williams during the Fall '07 term at Rutgers.

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305Chapter5 - No say in management Contribution must be...

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