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When a construction contracting company is being developed, the prospective entrepreneur is making decisions on how best to organize the company. Questions are raised regarding profitability goals, control of business and technical functions.
The participants enter into a written agreement that defines the aims and objectives of the association
Clearly delineates matters such as:
Details of contract administration and project management
Supervision of accounting and purchasing
Procedure in case co-venturer defaults on its commitments
Termination of the agreement
For a joint venture to exist legally, there must be:
A contract between the co-venturing parties
A common purpose
A community of interest
An equal right of control
Homework A short essay: Based upon the types of legal entities that can be formed in ownership of a company, what type of legal entity would you enlist for your own construction company? State the reasons why; be specific and give intelligent, honest answers. Advice: You should do a little more research on each form of business to fully support your answer. See discussion page for due date