List the three principle forms of business ownership in construction and also state the liability limits in each case.

Question

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Answer 1

Question

Chapter 5, Problem 1RQE

To determine

List the three principle forms of business ownership in construction and also state the liability limits in each case.

Expert Solution & Answer

Explanation of Solution

The three principle forms of business ownership in construction are as follows:

1. Proprietorship
2. Partnership
3. Cooperation

In the case of proprietorship and partnership, the owner is responsible for each and every debt incurred in the business. Hence, the personal asset of the owner is at risk to cover the debt incurred in the business.

In the case of cooperation, the business is owned by a number of people who has stock of the cooperation. In the case of debt, the share value of the stock possessed by the individual is at risk. For example, if a person has 50 shares of stock from the cooperation, each having a value of 200 dollars, then in the case of debt, the person will be legally responsible for 10,000 dollars as a stock owner in the cooperation.

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00:56

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Answer 2

Question

Chapter 5, Problem 1RQE

To determine

List the three principle forms of business ownership in construction and also state the liability limits in each case.

Expert Solution & Answer

Explanation of Solution

The three principle forms of business ownership in construction are as follows:

1. Proprietorship
2. Partnership
3. Cooperation

In the case of proprietorship and partnership, the owner is responsible for each and every debt incurred in the business. Hence, the personal asset of the owner is at risk to cover the debt incurred in the business.

In the case of cooperation, the business is owned by a number of people who has stock of the cooperation. In the case of debt, the share value of the stock possessed by the individual is at risk. For example, if a person has 50 shares of stock from the cooperation, each having a value of 200 dollars, then in the case of debt, the person will be legally responsible for 10,000 dollars as a stock owner in the cooperation.

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00:56

Answer 3

Question

Chapter 5, Problem 1RQE

To determine

List the three principle forms of business ownership in construction and also state the liability limits in each case.

Expert Solution & Answer

Explanation of Solution

The three principle forms of business ownership in construction are as follows:

1. Proprietorship
2. Partnership
3. Cooperation

In the case of proprietorship and partnership, the owner is responsible for each and every debt incurred in the business. Hence, the personal asset of the owner is at risk to cover the debt incurred in the business.

In the case of cooperation, the business is owned by a number of people who has stock of the cooperation. In the case of debt, the share value of the stock possessed by the individual is at risk. For example, if a person has 50 shares of stock from the cooperation, each having a value of 200 dollars, then in the case of debt, the person will be legally responsible for 10,000 dollars as a stock owner in the cooperation.

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00:56

Answer 4

Question

Chapter 5, Problem 1RQE

To determine

List the three principle forms of business ownership in construction and also state the liability limits in each case.

Expert Solution & Answer

Explanation of Solution

The three principle forms of business ownership in construction are as follows:

1. Proprietorship
2. Partnership
3. Cooperation

In the case of proprietorship and partnership, the owner is responsible for each and every debt incurred in the business. Hence, the personal asset of the owner is at risk to cover the debt incurred in the business.

In the case of cooperation, the business is owned by a number of people who has stock of the cooperation. In the case of debt, the share value of the stock possessed by the individual is at risk. For example, if a person has 50 shares of stock from the cooperation, each having a value of 200 dollars, then in the case of debt, the person will be legally responsible for 10,000 dollars as a stock owner in the cooperation.

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Answer 5

Chapter 5, Problem 1RQE

To determine

List the three principle forms of business ownership in construction and also state the liability limits in each case.

Expert Solution & Answer

Explanation of Solution

The three principle forms of business ownership in construction are as follows:

1. Proprietorship
2. Partnership
3. Cooperation

In the case of proprietorship and partnership, the owner is responsible for each and every debt incurred in the business. Hence, the personal asset of the owner is at risk to cover the debt incurred in the business.

In the case of cooperation, the business is owned by a number of people who has stock of the cooperation. In the case of debt, the share value of the stock possessed by the individual is at risk. For example, if a person has 50 shares of stock from the cooperation, each having a value of 200 dollars, then in the case of debt, the person will be legally responsible for 10,000 dollars as a stock owner in the cooperation.

Answer 6

Chapter 5, Problem 1RQE

To determine

List the three principle forms of business ownership in construction and also state the liability limits in each case.

Expert Solution & Answer

Explanation of Solution

The three principle forms of business ownership in construction are as follows:

1. Proprietorship
2. Partnership
3. Cooperation

In the case of proprietorship and partnership, the owner is responsible for each and every debt incurred in the business. Hence, the personal asset of the owner is at risk to cover the debt incurred in the business.

In the case of cooperation, the business is owned by a number of people who has stock of the cooperation. In the case of debt, the share value of the stock possessed by the individual is at risk. For example, if a person has 50 shares of stock from the cooperation, each having a value of 200 dollars, then in the case of debt, the person will be legally responsible for 10,000 dollars as a stock owner in the cooperation.

Answer 7

Chapter 5, Problem 1RQE

To determine

List the three principle forms of business ownership in construction and also state the liability limits in each case.

Answer 8

Expert Solution & Answer

Explanation of Solution

The three principle forms of business ownership in construction are as follows:

1. Proprietorship
2. Partnership
3. Cooperation

In the case of proprietorship and partnership, the owner is responsible for each and every debt incurred in the business. Hence, the personal asset of the owner is at risk to cover the debt incurred in the business.

In the case of cooperation, the business is owned by a number of people who has stock of the cooperation. In the case of debt, the share value of the stock possessed by the individual is at risk. For example, if a person has 50 shares of stock from the cooperation, each having a value of 200 dollars, then in the case of debt, the person will be legally responsible for 10,000 dollars as a stock owner in the cooperation.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 5 - Prob. 1RQE Ch. 5 - Prob. 2RQE Ch. 5 - Prob. 3RQE Ch. 5 - Prob. 4RQE Ch. 5 - Prob. 5RQE Ch. 5 - Prob. 6RQE Ch. 5 - Prob. 7RQE Ch. 5 - Prob. 8RQE Ch. 5 - Prob. 9RQE Ch. 5 - Prob. 10RQE

List the three principle forms of business ownership in construction and also state the liability limits in each case.

List the three principle forms of business ownership in construction and also state the liability limits in each case.

Explanation of Solution

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Chapter 5 Solutions