1. This is a one-person business that is perhaps the easiest and simplest business enterprise to organize in the Philippines. 2.

This legal business form is owned by two or more people that havent filed papers to become a corporation 3. It is usually a requirement to include these characters that the business name of the business having limited partners be extended. 4. These are businesses wherein all partner contribute resources and all are usually jointly and solidarily liable for the obligations of the business enterprise. 5. It acquires juridical personality upon formal registration and recognition with the Securities and Exchange Commission. 6. This is the lifespan of a corporation and it is renewable. 7. This business form is highly encouraged by government due to the benefits received by a greater number of people