LAST MINUTE TIPS IN ORGMAN

CHAPTER 1
1. SINGLE OR SOLE PROPRIETORSHIP - A business unit where the manager is also the owner.
often, the owner of and the business are synonymous with one another. If only ONE PERSON
“FULLY OWNS” the business regardless if it is managed by other people, it is sole
proprietorship.
2. PARTNERSHIP - Two or more persons bind themselves to contribute money, property, or
industry to a common fund, with the intention of dividing the profits among themselves. Once
the parties agreed to create a partnership, then it can be considered as a partnership. THE
BUSINESS MUST BE LEGAL in order to be considered a partnership. If it is illegal, Then it is
not a partnership.
3. CORPORATION - Artificial being created by operation of law. A corporation must be formed
by at least 5 incorporators. IT MUST BE REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION (SEC) IN ORDER TO BE CONSIDERED A CORPORATION. It is only upon the
issuance of the Certificate of Incorporation that a business may be considered a corporation.
4. A COOPERATIVE is defined as “ an autonomous and duly registered association of persons,
with a common bond of interest, who have voluntarily joined together to achieve their social,
economic and cultural need. The difference of a COOPERATIVE with other businesses
organization is that ONLY MEMBERS OF THE COOPERATIVE may avail the benefits of such
organization. Usually a cooperative offers LOAN SERVICES to its members and such service is
EXCLUSIVE to its members
5. Efficiency- means doing the thing correctly; refers to the relationship between inputs and
outputs; seeks to minimize resource costs
6. Effectiveness - Means doing the right things; goal attainment

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 LAST MINUTE TIPS IN ORGMAN

7. SWOT ANALYSIS

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