(Basic lang to mga beh, kering-keri nyo)
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Forms of Business Organization
1. Sole Proprietorship - simplest form of business organization; only one individual owns the business. (Best example is the sari-sari store)
2. Partnership - association of two or more persons to carry on as co-owners of a business for profit. (Article 1767, New Civil Code)
Classes of Partners
A. General Partner - the one who is liable for partnership debts to the extent of his personal property.
B. Limited Partner - one whose liability for partnership debts is limited to his capital contribution.
C. General-Limited Partner - one who has all the rights to all restrictions of a general partner.
As to contribution:
A. Capitalist Partner - the one who contributes money or property
B. Industrial Partner - the one who contributes work, labor or industry
C. Capitalist-Industrial - contributes money as well as his work
Classification of Partnership
1. Marketing
2. Manufacturing
3. Service
3. Corporation - refers to a separate body consisting of at least five individuals treated by law as a unit. (Sec 2, The Corporation Code of the Philippines)
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Alam ko may Cooperative pa, kaso wala sa book. Kaya ayan lang. All credits to Solita Frias' book. My reference for my review.
Ps.
Article 1767, contracts two or more persons bind themselves to contribute money, property or industry into a common fund with the intention of dividing profits among themselves