FORM OF BUSINESS ORGANIZATION

• It is an organization, economic system, or enterprising entity that is engaged in commercial, professional, or industrial activities and operates in exchange for one another or for money?

  Business
• In produces goods/services to satisfy the needs and wants of the society?

  Business
• Business, then, operates with people working together to meet a common goal, which is?

  To earn a profit
• Is an entity formed to carry on commercial enterprise?

  Business Organization
• 4 Types of Business Organization?

  • Sole Proprietorship
  • Partnerships
  • Cooperative
  • Corporation
• Has unlimited liability for all of its obligations because of this kind of condition but also has the rights when it comes to assets and profit incurred by the business?

  Sole Proprietorship
• Advantages of Sole trading include that?

  • You're the boss
  • you keep all the profits
  • start-up costs are low
  • you have maximum privacy
  • establishing and operating your business is simple
• Advantages of Sole Proprietorhip?

  1. The easiest and inexpensive to put up
  2. All profits will go the owner
  3. Complete and direct control of the business
  4. Freedom from government regulations
  5. No special taxation
  6. Easy to dissolve if desired
• Disadvantage of Sole Proprietorship?

  • Unlimited liability
  • difficult to raise capital or additional capital
  • Limited managerial expertise
  • Has a hard time finding qualified talents
  • Consumes personal time
  • Unstable business life
• "Art. 1767. By the contract of partnership 2 or more persons bind themselves to contribute money, property, or industry to a common fund to divide the profits among themselves."
• Advantages of Partnerships?

  • Ease of formation
  • Availability of Capital
  • Diversity of Expertise
  • No Special taxes
  • relative freedom government control
• Disadvantage of Partnership?

  • Unlimited liability
  • Conflicts between partners
  • The complexity of profit-sharing
  • Limited life
• Types of Partnership?

  1. General Partnership
  2. Limited Partnership
  3. Limited liability partnership
• 10 different types of businesses?

  1. Sole Proprietorship
  2. Limited Liability Company (LLC)
  3. Partnership
  4. Corporation - C corp
  5. Corporation - S corp
  6. Corporation - B corp
  7. COrporation - Nonprofit
  8. Multi-National Corporations (MNC)
  9. Franchises
  10. Cooperative