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    Adonis Gaoiran
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    This document describes the key characteristics of sole proprietorships, partnerships, and corporations. A sole proprietorship is a business owned and run by one individual where they do not have to share profits and can terminate the business at any time. A partnership is a business owned and managed by two or more investors where withdrawal of owners could close the business and owners can contribute skills. A corporation is a business where investors can sell their interests, creditors cannot pursue owners' personal property, and investors withdraw without closing the business.

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    Original Title

    ACTIVITY NO.1

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    This document describes the key characteristics of sole proprietorships, partnerships, and corporations. A sole proprietorship is a business owned and run by one individual where they do not have to share profits and can terminate the business at any time. A partnership is a business owned and managed by two or more investors where withdrawal of owners could close the business and owners can contribute skills. A corporation is a business where investors can sell their interests, creditors cannot pursue owners' personal property, and investors withdraw without closing the business.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    8 views1 page

    Activity No.1

    Uploaded by

    Adonis Gaoiran
    This document describes the key characteristics of sole proprietorships, partnerships, and corporations. A sole proprietorship is a business owned and run by one individual where they do not have to share profits and can terminate the business at any time. A partnership is a business owned and managed by two or more investors where withdrawal of owners could close the business and owners can contribute skills. A corporation is a business where investors can sell their interests, creditors cannot pursue owners' personal property, and investors withdraw without closing the business.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    ACTIVITY NO.

    Given the following, identify the form of organization that fits the description by putting a check
    mark. You may check more than one organization.

    Sole Proprietorship Partnership Corporation


    1. Doesn’t have to 
    share the profits
    earned by the
    business
    2. Owned and 
    managed by two or
    more investors
    3. Withdrawal of 
    owners will result to
    the closure of the
    business
    4. The business may 
    be terminated
    anytime by the
    owner(s)
    5. In case of inability 
    to pay debt, the
    bank-creditor can’t
    run after the personal
    properties of the
    owner(s).
    6. The owner may 
    contribute only skills
    and expertise in the
    firm.
    7. The investor may   
    sell his interest over
    the firm to others.

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