PRETEST

1. General Partnership
2. Cooperative
3. Corporation
4. Single Proprietorship
5. Partnership

MATCHING-TYPE

1. B
2. A
3. E
4. D
5. C

Activity 1: Independent Activity

This topic helps me to appreciate the roles played by every institution in the community, big or

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small organization-public or private. It can create an impact on the business and to the people in it,

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including but not limited to the owners, management, staff, and the community itself. This way, I

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realize that my parents, siblings, and other family members are essential too. Their presence

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helps us do better with what we do in school and the community. Their supports helps us to to do
more and to do better.

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Activity 2: Independent Activity
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To discuss Answer
1. Sole proprietorship is a type of enterprise that is owned and run by one person and in which
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there is no legal distinction between the owner and the business entity. A
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sole trader does not necessarily work 'alone'—it is possible for the sole
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trader to employ other people. e sole trader receives all profits (subject
to taxation specific to the business) and has unlimited responsibility for
all losses and debts. Every asset of the business is owned by the
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proprietor and all debts of the business are the proprietor's. It is a "sole"
proprietorship in contrast with partnerships (which have at least two
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owners). A sole proprietor may use a trade name or business name other
than their or its legal name. They may have to legally trademark
their business name if it differs from their own legal name, the process
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varying depending upon country of residence.

2. Partnership is an arrangement where parties, known as business partners, agree to
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cooperate to advance their mutual interests. The partners in a

partnership may be individuals, businesses, interest- based
organizations, schools, governments or combinations. Organizations
may partner to increase the likelihood of each achieving their mission
and to amplify their reach. A partnership may result in issuing and
holding equity or may be only governed by a contract.
3. Corporation is a legal entity that is separate and distinct from its owners.
Corporations enjoy most of the rights and responsibilities that individuals
possess: they can enter contracts, loan and borrow money, sue and be
sued, hire employees, own assets, and pay taxes. Some refer to it as a
"legal person."
4. Cooperative is a business owned and operated by those who use its services.
Although cooperatives are for- profit businesses, they do not exist to
maximize profit. The goal of a cooperative is to fill a mutual need of the
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 members that own the business.

CHECK YOUR UNDERSTANDING

Multiple Choice

1. D
2. B
3. B
4. C
5. A

Post-test

1. B
2. D
3. B
4. C
5. D

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6. D

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7. A

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8. A

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9. B
10. C

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REFLECTIVE LEARNING SHEETS

Reflective Question: If you have an existing sari-sari store, what are the possible things you will
consider in terms of business registration based on the topic discussed to respond to the COVID-
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19 pandemic? Cite at least two and explain. Write your answer in the space provided.
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I will operate my business legally. And like all businesses, there are also laws and local
ordinances that I have to follow. Fortunately the process is not so tedious as compared to
the requirements for bigger businesses or corporations. And most local government units
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nowadays now have One-Stop-Shop programs for processing of business permits,

especially during the start of the year.
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