Res 1984-064 - Laserfiche WebLink

Home Browse Search

MBE Program Page 2 l'1inority persons include Blacks, Mexican-Americans, and other persons of Hispanic origin, American Indians, Alaskan Natives and Asians or Pacific Islanders. Minority person(s) shall collectively own, operate and share in payments from such an enterprise ln the manner hereinafter set forth: 1. Owned: a. For a sole proprietorship to be deemed a minority business enterprise, it must be owned by a minority person. b. For an enterprise doing business as a partnership, it is necessary that at least 51.0% of its assets or interests in the partnership property be owned by a minority person(s). c. For any enterprise doing business as a corporation, it is necessary that 51. 0% or more of its assets or interests in the corporate shares be owned by a minority person(s). 2. Controlled: That the primary power, direct or indirect, to manage a business enterprise shall rest with minority person(s). 3. Share in Payments: Minority partners, proprietor, or stockholders of the enterprise as the case may be, shall be entitled to receive 51.0% or more of the total profits, bonuses, dividends, interest payments, commissions, consulting fees, rents, procurement, subcontract payments and any other monetary distribution paid by the business enterprise. 4. Joint Venture: For the purposes of this definition, a joint venture means an association of two (2) or more persons, partnerships, corporations or any combination thereof, founded to carry on a single business activity which is limited in scope and direction. The degree to which a joint venture may satisfy the stated MBE goal cannot exceed the proportionate interest of the MBE as a member of the joint venture in the work to be performed by the joint venture. For example, a joint venture which lS to perform 50.0% of the contract work itself, and in which a MBE contractor has a 50.0% interest,