(Subject)

Forms of business & types

Of business activities

Date: 00/00/00

Sole proprietorship
It is a business owned and managed by only
ADVANTAGES: one person.
DISADVANTAGES:
 Minimal cost and requirements of  There are limited resources since the
information. capital is only provided by the owner.
 The owner can withdraw the assets and  Unlimited liability of its owner.
profits of the business anytime he/she
wants.  Infusion of knowledge in the
management of the business is limited
 Decision making is solely in the hands to one person only.
of the owner.
partnership
• is owned in
Minimal cost and requirements bythetwo or more •people.
 The duration of the business’ life
information.
The partners are liable for the actions of
each partner as a result of mutual agency.
solely depends on its owner.
ADVANTAGES DISADVANTAGES
• Funds contributed from investment • A general partner has unlimited liability
of the partners. if the other partners are limited partners
or are insovent.
• Infusion of more knowledge.
• Disagreement may lead to the withdrawal
• There can be division of labor of one or more partners.
between or among partners.
• The death, retirement, withdrawal or
incapacity of a partner results in the
dissolution of the partnership.

• Admission of a new partner depends

corporation
Managed by an elected board of directors. The investors are called
ADVANTAGES
stockholders and the unit of ownership is called shares of stock.
• The stockholders only have limited liability, as their liability extends only up to the amount of their
capital investment.

• A corporation has continuous existence as its life is indefinite.

• There is more infusion of funds from the stockholders or investors.

• Shares of stock can be transferred without the consent of other shareholders.

• Management of the corporation is vested upon its board of directors.

DISADVANTAGES
• A corporation entails many requirements and is more costly than a partnership.

• The government exercises strict control over corporations and imposes high taxes.

• Shareholders have little or no participation in the management of the corporation.

• Distribution of net income depends upon the declaration of dividends by the board of directors.

• In large corporations, there is fomal or impersonal relationship between employees and management
due to the big number of employees.

cooperatives
A duly registered association of persons, with a common bond of interest,
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