Unit 2: The Firm and Its Environment

Lesson 2.5

Forms of Business Organization

Contents

Introduction 1

Learning Objectives 2

Let’s Connect 2

Discover 3
According to Ownership Structure 4
Sole Proprietorship 4
Partnership 6
Corporation 9
According to Business Activities 14
Service Business 14
Manufacturing Business 15
Merchandising Business 15
Hybrid Business 16
According to Asset Size 16

Wrap-Up 18

Try This! 20

Challenge Yourself 21

Photo Credits 23

Bibliography 23
Unit 2: The Firm and Its Environment

Lesson 2.5

Forms of Business Organization

Introduction
Daniel wants to build a water refilling business. For the past two years, he has been saving
extra money from his allowance for his starting capital. However, after calculating his
savings, he realizes that it is not enough to build his dream business. It turns out that he
still needs Php 50,000 to complete the financial requirements. His friend, Gian, offered to
help. He wants to fund the remaining needed capital provided that he will be a co-owner of
Daniel’s business. If Daniel accepts Gian’s proposal, how will this affect the business?

As an ABM student, you most likely want to build a business on your own, just like Daniel. It
is vital to consider the form of business you will build in the future. You have to consider
how many co-owners you want to have, what products and services you are going to offer,
and how much capital you will need. This information will indicate the form your
organization will take.

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Learning Objectives DepEd Learning Competency

At the end of this lesson, you should be able to
In this lesson, you should be able to do the differentiate the various forms of business
following: organizations (ABM_AOM11-Ic-d-9).

● Identify the different forms of

business organizations.
● Enumerate the characteristics of
each form of business
organization.

Let’s Connect

Start-Up 15 minutes

Just like Daniel, imagine that you are starting your own business. In the activity below, plan
some essential business details that you need to decide on first.

Instructions
1. Think of your dream business and how you want it to operate.
2. Fill out the table below.
3. Answer the guide questions that follow.

Nature of business

Number of owners

Organization size
(Number of employees)

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Starting capital and sources

of capital

Guide Questions
1. Why did you choose to have or not to have co-owners in the business?
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________

2. What do you think are the benefits of the form of organization that you planned?
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________

3. Based on the plans you made, what would be potential challenges you might face in
starting and running your business?
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________

Discover
As you start your business venture, it is very significant to know what form of business
organization you will establish. This is one of the crucial steps that should be taken carefully.
The way your business is formed or structured is a factor in determining your business
venture’s success. Before establishing your business venture, you have to ensure that you
fully understand the ownership structure, the degree of risks, the business registration
process and costs, and the government regulations you need to follow.

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Why do business owners need to select carefully the

form of business organization they will establish?

According to Ownership Structure

Businesses differ based on ownership structure or the number of owners or investors a
business has. The various business structures have implications on the degree and scope of
responsibility and the financial flow.

Sole Proprietorship
In a sole proprietorship, the business is owned by one person with complete control and
authority over the entire business. This owner is known as a sole trader or an individual
entrepreneur. It is the simplest and easiest form of business organization to establish.
Most of the small businesses in the Philippines are under sole proprietorship.

Here, the owner and business are not legally separate concepts. The business is considered
to be an extension of the owner, unlike other forms of business organizations. Hence, the
owner faces unlimited liability—he is personally responsible for unfortunate events in the
business, such as debts, personnel issues, or customer complaints.

A sole proprietorship has the following advantages and disadvantages:

Advantages:
● Ease and cost of formation – Unlike other business organizations that require large
fees and a complex registration process to operate, forming a sole proprietorship is
comparably easier, less complicated, and less costly. Sole proprietorships often only
require business permits that can be applied at the local municipal hall.

● Distribution of profits or earnings – One hundred percent of the profits goes to the
owner since it is not shared with partners or co-owners.

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● Control of the business – The owner has complete control of the business’s
decision-making instead of sharing authority with a board of directors or a partner.
Having direct control gives sole proprietors the freedom to guide the business in any
direction or way they want.

● Tax benefits – The sole proprietor's net income is considered a personal income of
the owner. Instead of filing a separate tax return, sole proprietors claim businesses'
gains and losses on their tax returns. Unlike other business organizations, net
incomes are taxed and subjected to taxation again when the owners individually
receive their profits.

Fig. 1. Sari-sari stores are common sole-proprietorships in the Philippines.

2.5. Forms of Business Organization 5

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Disadvantages:
● Unlimited liability – If the business cannot pay its debts and liabilities, the owner's
assets will be affected. For example, if you will be bankrupt and owe your creditors
Php 1,000,000, then that amount will have to come out of your pocket or savings
even if there are no resources or money left in the business.

● Raising capital and additional investments will be difficult – In a sole

proprietorship, the desire to increase investments and capital depends on the
owner's financial resources and capability. Although sole proprietors can borrow or
request a loan, it is still difficult because the amount of money to be borrowed will
depend on their ability to pay.

● Lack of business continuity – Business continuity ends with the death or departure
of the owner. If the sole owner becomes incapacitated or dies, the business’s overall
operations will be significantly affected. Hence, the death or ill-health of the owner
will mean liquidation of the business.

● Difficulty in attracting good employees – Because of the limited operations of a

sole proprietorship, many good applicants have a mindset that this business
organization will not survive for a long time. Hence, these applicants will apply
instead to more stable and large companies with a well-established reputation.

Partnership
A partnership is a form of business organization wherein two or more individuals share
the ownership. The owners of this kind of agreement are usually called partners. The profit
or loss that results from the business operation is divided between or among the partners.
The partners also mutually agree as to how they will make decisions. Generally, there are
two types of partnership: general and limited.

In a general partnership, all partners are considered general partners liable for the
partnership debts up to their personal property. On the other hand, there should be at least
one general partner and at least one limited partner in a limited partnership. The liability
of a limited partner is only up to his actual contribution or investment in the partnership.

2.5. Forms of Business Organization 6

Unit 2: The Firm and Its Environment

Personal assets and properties of limited partners will be protected if the partnership has
some financial obligations to pay.

Specifically, a partnership can be classified in many ways. Based on the actual contribution,
partners can be capitalist and industrial. A capitalist partner only contributes money or
property, or both to the partnership as his investment. Industrial partners only contribute
their knowledge, expertise, or personal service to the partnership. They do not have
contributions in the form of money or property. Their profit share is based on what is
considered fair and equitable.

Based on public knowledge, partners can be ostensible and secret. An ostensible

partner is known to the public as an owner of the business. Ostensible partners are also
known as active partners. This partner takes active participation in managing and running
the partnership. A secret partner also participates in managing the business, but the public
is not aware that he/she is involved in the partnership.

Fig. 2. Types of Partners

Based on the owner's connection or interest, partners can be real or nominal. A real
partner devotes his time and effort to managing the partnership as he is connected to the
business. He actively participates in the affairs of the partnership. A nominal partner does
not have any interest or connection in the business. However, he lends his name or
reputation to the firm without any money or capital investments and does not share the
business profits. He is a partner in name only. He is also referred to as a partner by

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estoppel. This partner's purpose is to lend his established credibility and recognition to the
firm.

Advantages of Partnership:
● More significant sources of capital – Because there are two or more owners, the
business will generate more capital and investment than a single proprietorship.

● Losses are shared among partners – If the business files for bankruptcy and has
incurred losses to its creditors, losses will be shared among partners.

● Shared responsibility and management capability – Partners are both authorized

to make decisions in managing the business. Therefore, they are also both liable for
the consequences of all organization endeavors.

● Varied skills and decision-making – Partners can offer their different skills and
abilities in managing the business. During decision-making, partners help each other
to solve problems. More partners mean more brains that generate additional ideas.

● Juridical personality – Under the Philippine laws, the partnership becomes distinct
and separate from the owners. This means that the partnership is treated and can
act as an individual. It can own a property, transact business deals, incur obligations,
and commit violations under its name. Any act of the partnership will not reflect the
reputation of its owners or partners.

Disadvantages of Partnership:
● Limited life – A partnership can be easily terminated or dissolved by even a small
change in partners' agreement. The reasons for the dissolution of the partnership
can include the death of one of the partners, admission of a new partner in an
existing partnership, personal insolvency of one of the partners, and permanent
withdrawal of the investment of a partner.

● Difficulty in transferring ownership – Because partnership initiatives are regulated

by written contract or agreement, and mutual trust and confidence among members

2.5. Forms of Business Organization 8

Unit 2: The Firm and Its Environment

are the foundation of the partnership, any transfer of ownership should be strictly
approved and authorized by all partners. Without the consent of other partners, no
partner can sell any portion of their ownership or investment to any individual.

● Profit will be divided among members – In a partnership, profit will be distributed

among the partners. Unlike with sole proprietorship, all of the profits will be
obtained by the sole owner.

● Disagreement among partners: One of the disadvantages of having numerous

partners is disagreement. It is inevitable for partners to have conflict, especially when
they have different opinions and decisions.

It is important to note that despite partnership businesses sharing responsibilities amongst

owners, general partners still face unlimited liability. For instance, if the business incurs
several financial losses and its assets are not enough to pay creditors, the general partners
are personally liable to the said obligations. Creditors can claim up to the extent of their
assets or property. If one partner does not own assets or properties, the second partner's
assets will be seized to recover the remaining amount of money.

Corporation
A corporation is a form of business organization that has a legal entity separate and
distinct from its owner, commonly known as juridical personality. The business is treated
like an individual with benefits from certain rights, and responsibilities and obligations. For
this reason, a corporation can enter into contracts, own or dispose of properties, secure
loans, sue or be sued, hire employees, and pay taxes in its name.

A corporation can have a minimum of five and a maximum of fifteen owners or

shareholders, which elect a board of directors who oversee the management and major
decision-making of the corporation. Ownership of shareholders in a corporation is divided
into shares of stocks. The total shares of the company stock that shareholders may acquire
will depend on the capital they have invested in the company. The profit of shareholders is
based on the number of shares they have acquired.

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Unit 2: The Firm and Its Environment

Corporations are strictly regulated by the Corporation Code of the Philippines (RA 11232)
and the Securities and Exchange Commission (SEC). The shareholders of a corporation
are also registered with the SEC. The minimum capital requirement for a corporation to be
established is Php 5,000. Corporations can operate or exist for not more than 50 years and
are subject to extension.

Fig. 3. The Securities and Exchange Commission logo

Partnerships and corporations may have similar characteristics. Below are the key
differences between partnerships and corporations.

Table 1. Differences between a partnership and a corporation

Differences Partnership Corporation

Manner of Creation It is created by the agreement It is created by the operation of

of the partners. law.

Number of Owners It may be organized by only It requires at least five persons

two people. to establish.

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Differences Partnership Corporation

Management Management capability is Management capability is vested

Capability vested in all partners. to the Board of Directors.

Right of Succession Death, withdrawal, or Death, withdrawal, or incapacity

incapacity of partners of a shareholder does not affect
dissolves the partnership the corporation's existence.
agreement.

Liability It has unlimited liability It has unlimited liability.

(general partners) and limited
liability (limited partners).

Transfer of A partner cannot transfer his A shareholder can transfer his or

Ownership or her investment without the her shares to other persons
consent of all partners. without the consent or approval
of other shareholders.

Owners or shareholders of a corporation can maximize the following advantages or

benefits:
● A greater source of funds – A larger amount of capital and investment can easily be
raised because of numerous shareholders’ existence or issuance of shares of stocks
in public.
● Limited liability – Shareholders have limited liability. It means that creditors cannot
claim their assets and properties if the corporation has incurred several financial
losses and obligations.
● Transfer of ownership – Shareholders can transfer or sell their shares of stocks to
anyone without the approval of other shareholders.
● Continuity of existence – Corporation can continue its operations regardless of
death, incapacity, or insolvency of a shareholder.

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Unit 2: The Firm and Its Environment

● Management is centralized – There will be greater or more efficient management

within the corporation because management capability is vested to the Board of
Directors.

Fig. 4. The basic organizational structure of a corporation

Despite the benefits, corporations also offer some disadvantages:

● Complicated process in forming and operating the business – To establish a
corporation, individuals undergo a tedious and complicated process of business
registration and lots of paper works and legal documents.

Fig. 5. The business registration process of a corporation

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Unit 2: The Firm and Its Environment

● High cost of formation and maintenance – The formation of a corporation is quite

expensive compared to partnership and sole proprietorship.

● Strictly regulated by the government and laws – Because of its more extensive
operating capability, corporations are regulated or monitored by numerous
government agencies and legislation.

Corporations can be classified based on purpose, nationality, and extent of membership.

Focusing on their purpose of existence, corporations can be for-profit or nonprofit.
For-profit corporations are organized for a private aim or to earn a profit. They are subject
to taxation. Nonprofit corporations are established or formed to serve the public good.
Because of their aim, nonprofit corporations are exempted from taxation.

We can also categorize corporations based on the nationality or the country of their
operations. Domestic corporations operate under the laws of the Philippines, while foreign
corporations are organized under the law other than those of the Philippines. Lastly,
corporations can be grouped according to the extent of membership or their willingness to
accept additional shareholders. Open corporations are open to anyone who wishes to
become a shareholder. In contrast, close corporations are limited to selected persons or
family members not exceeding 20 persons.

Fig. 6. Types of Corporation

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Check Your Progress

Why is it important to consider the number of owners before you
establish your business venture?
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________

According to Business Activities

Businesses come from various industries. Business enterprises can be classified by the type
of business activities they perform or the products and services they offer.

Service Business
These businesses focus on providing assistance, help, and support to their clients. A service
is a nonphysical or intangible product. Because of its nature, a service business is
measured in terms of quality, appeal, and treatment received by customers.

Table 2. Types and examples of service businesses

Type Example

Hospitality services hotels, travel and tours agencies

Repair services car repair, computer repair, shoe or bags repair

Lifestyle-related services beauty salons, wellness centers, laundry shops

Education and Training services schools, tutorial services, review centers

Rental services internet shops, car rental

Professional services medical and dental clinics, accounting services,

management consultancy, engineering services,
recruitment agencies

2.5. Forms of Business Organization 14

Unit 2: The Firm and Its Environment

Manufacturing Business
Manufacturing businesses convert inputs into finished goods or products. These inputs are
also referred to as factors of production. These include manpower (employees), material
(raw materials or ingredients), machines (equipment and technology), and method
(production process).

Manufacturing businesses are not limited to furniture shops, food and beverage companies,
assembly factories, and garment or fashion companies.

Merchandising Business
Merchandising businesses purchase products from other businesses and sell them to
customers at a higher price. These businesses do not alter the form of the original products.
They simply buy the items from a manufacturer and resell them.

There are three types of merchandising business:

● Store-based merchandising: sari-sari stores, convenience stores, supermarkets,
department stores
● Online merchandising: e-commerce apps, social media selling
● Non-store merchandising: subscription catalogs, television home shopping,
vending machines, direct selling

Fig. 7. Merchandising businesses earn profits through reselling

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Hybrid Business
Hybrid businesses have the combined characteristics and nature of service, manufacturing,
and merchandising businesses. Here, the owners produce and sell products at the same
time. A very common example of a hybrid business is a restaurant or fast-food chain.
Restaurants have the characteristics of a manufacturing business (cooks and transforms
foods) and service business.

According to Asset Size

In the Philippines, businesses, whether sole proprietorship, partnership, or corporation, can
be classified according to their asset size and number of employees. Specifically, Republic
Act 9178, otherwise known as the Barangay Micro Business Enterprises (BMBEs) Act of 2002,
provides a basis for categorizing these businesses.

To promote the establishment and development of microbusinesses, the government

provides incentives, such as income tax exemption, exemption from the coverage of the
Minimum Wage Law, financial assistance, marketing assistance, production and
management training, technology transfer, and lesser charges or exemption from local
taxes and fees.

Table 3. RA 9178 Business classifications

Category Asset Size Number of Employees

Micro-enterprises Up to Php 3,000,000 1 to 9 employees

Small enterprises Php 3,000,001 to Php15,000,000 10 to 99 employees

Medium enterprises Php 15,000,001 to Php 100,000,000 100 to 199 employees

Large enterprises Php 100,000,001 and above 200 and above employees

2.5. Forms of Business Organization 16

Unit 2: The Firm and Its Environment

Check Your Progress

Why do some organizations opt to be a hybrid business?
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________

In Philippine Context
According to the 2019 statistics of the Department of Trade and Industry and the
Philippine Statistics Authority, a total of 1,000,506 business enterprises operate in the
country.

Business Type Number of Businesses Percent

Micro-enterprise 891, 044 89%

Small enterprise 99, 936 10%

Medium enterprise 4765 0.5 %

Large enterprise 4761 0.5%

The data show that 995,745 or 99.5% of business establishments in the Philippines are
Micro, Small, and Medium Enterprises (MSMEs). Because most business revenues come
from these establishments, MSMEs are considered the "backbone" of the Philippine
economy.

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Unit 2: The Firm and Its Environment

Wrap-Up
_____________________________________________________________________________________________
● Business organizations can be classified according to their ownership structure
and asset size. Each form has advantages and disadvantages for the business
owner.
● According to its ownership structure, businesses are classified as a sole
proprietorship, partnership, and corporation.
○ Sole proprietorship is owned by only one person, an entrepreneur who
has full control and authority over the business.
○ Partnership pertains to two or more individuals called partners, sharing
the ownership of the business and its finances.
○ Corporation has a legal entity that is separate and distinct from its owner.
The owners are known as shareholders.
● The form of a business can have a significant impact on how it is operated and
maintained.

Form Advantages Disadvantages

Sole ● Ease and cost of ● Unlimited liability

proprietorship formation ● Difficulty in raising funds
● Distribution of profit ● Lack of business continuity
● Direct control to business ● Difficulty in attracting
● Tax benefits employees

Partnership ● More sources for capital ● Limited life

● Shared responsibilities
and losses
● Varied skills and decisions
● Juridical personality
● Unlimited liability
● Difficulty in transferring
ownership
● Divided profits
● Disagreement among partners

Corporation ● Greater sources of funds ● Complicated to form and

● Limited liability operate

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Unit 2: The Firm and Its Environment

Form Advantages Disadvantages

● Transfer of ownership ● High costs of formation

● Continuity of existence ● Strict government regulation
● Centralized management

● Business organizations can also be classified according to their business activities,

products, or services offered to the market:
○ Service business focuses on providing assistance to help and support its
clients.
○ Merchandising businesses purchase products from other businesses and
sell them to customers at a higher price.
○ Manufacturing business converts inputs into finished goods or outputs.
○ Hybrid business has the combined characteristics and nature of other
business organizations.
● Republic Act 9178 or the Barangay Micro Business Enterprises (BMBE's) Act of
2002 provides a basis for the categorization of business enterprises according to
their asset sizes and the number of employees. Below are the RA 9178 business
classifications:
○ Micro-enterprise has an asset size of not more than Php 3,000,000 and
has 1 to 9 employees.
○ Small enterprise has an asset size of Php 3,000,001 to Php 15,000,000 and
a maximum of 99 employees.
○ Medium enterprise has Php 15,000,001 to Php 100,000,000 asset size and
a maximum of 199 employees.
○ Large enterprise has Php 100,000,001 and above in assets and more than
200 employees.
_____________________________________________________________________________________________

2.5. Forms of Business Organization 19

Unit 2: The Firm and Its Environment

Try This!
A. True or False. Write True if the statement is correct. Otherwise, write False.

_____________ 1. Manufacturing involves the process of reselling goods at a higher price.

_____________ 2. There is a greater source of funds and capital in a partnership

compared to a sole proprietorship.

_____________ 3. There is no minimum capital requirement to form a corporation here in

the Philippines.

_____________ 4. There should be at least one general partner if you want to establish a
partnership.

_____________ 5. The death or ill-health of the sole proprietor will mean liquidation of the
business.

_____________ 6. The main government regulatory body for a sole proprietorship is the
Department of Trade and Industry,

_____________ 7. A partnership may exist for a maximum of 50 years.

_____________ 8. Services are intangible and nonphysical forms of products.

_____________ 9. Business organizations can also be classified according to their asset

size and number of employees.

_____________ 10. One of the features of a corporation is unlimited liability.

B. Identification. Identify the term or phrase being described in each item.

_____________________ 1. It is the main government or regulatory body for partnerships

and corporations.

2.5. Forms of Business Organization 20

Unit 2: The Firm and Its Environment

_____________________ 2. This term is described as the ownership of shareholders in a

corporation.

_____________________ 3. These corporations are established to serve the public good.

_____________________ 4. These service business categories can include hotels, travel

agencies, and tour guides.

_____________________ 5. They are vested with management capability to oversee and

make decisions for the corporation.

Challenge Yourself
Short-Response Essay. Answer the following questions. Write your answers in the space
provided. The rubric at the end of the lesson will be used in grading your work.

1. How does having limited liability benefit a corporation?

__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________

2. Why should the government maximize the presence of micro, small, and medium
enterprises?
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________

3. Why is there a need for the government to regulate the formation and registration of
business organizations?
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________

2.5. Forms of Business Organization 21

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Suggested Rubric for Grading

The rubric below is a suggested one. Your teacher may modify the rubric based on your
needs. Consult your teacher for the final rubric.

Performance Levels

1 2 3 Suggested
Criteria Score
Beginning Proficient Advanced Weight
Proficiency Proficiency

Depth of The answer lacks The answer The answer

ideas and examples. demonstrates basic demonstrates an
Discussion
knowledge and in-depth
reflection on the knowledge of and
topic. It also includes reflection on the
×3
minimal details and topic. It also
examples. includes
comprehensive
examples and
additional ideas.

Organization of The answer shows The answer shows The answer

little or no some organization effectively
Thoughts and ×2
organization of of ideas. organizes ideas and
Ideas thoughts and ideas. is logical.

Focus The answer The answer identifies The answer

insufficiently related concepts to explicitly identifies
identifies the the needed answer the needed answer
×1
needed answer required by the required by the
required by the prompt or question. prompt or question.
prompt or question.

Total Possible Score 18

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Photo Credits
Typical sari-sari store by John Martin Perry is licensed under CC-BY-SA-3.0 via Wikimedia
Commons.

The new Securities and Exchange Commission logo by Securities and Exchange Commission
is licensed under CC0 1.0 via SEC.

Bibliography
Aranda, Julie Ann L. “Dissolution of a Corporation.” Business Mirror. December 21, 2016.
https://businessmirror.com.ph/2016/12/21/dissolution-of-a-corporation/.

Congress of the Philippines, House of Representatives. “MSMEs in the Philippines.”

Congressional Policy and Budget Research Department. June 2020.
https://cpbrd.congress.gov.ph/images/PDF%20Attachments/Facts%20in%20Figures/F
F2020-19_MSMEs.pdf.

Department of Trade and Industry. “2019 MSME Statistics.” Department of Trade and
Industry Philippines. February 11, 2021.
https://www.dti.gov.ph/resources/msme-statistics/.

Jacildo, Ryan, Niny Khor, and Ruth Tacneng. “Assessing Mandated Credit Programs: Case
Study of the Magna Carta in the Philippines.” Journal of Governance and Regulation 5,
no. 3 (2016): 34–49. https://doi.org/10.22495/jgr_v5_i3_p5.

Martinuzzi, Bruna. “What Are the Advantages and Disadvantages of a Partnership?”

American Express. September 20, 2017.
https://www.americanexpress.com/en-us/business/trends-and-insights/articles/what
-are-the-advantages-and-disadvantages-of-a-partnership/.

Pamaos & Labao Law Firm. “Micro, Small and Medium Enterprises: What Businesses Are
Considered MSMEs.” Philippine E-Legal Forum. April 17, 2020.
https://pnl-law.com/blog/micro-small-and-medium-enterprises-what-businesses-are-
considered-msmes/.

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Salvador, Samuel, Estelito Bagunas, and Ellinor Fua-Geronimo. Principles and Practices of
Management and Organization. Manila: Allen Adrian Books, Inc., 2008.

Villacorta, RP. 2019. “Business Registration of a Sole Proprietor in the Philippines.” Sison
Corillo Parone & Co.. January 2, 2019.
https://scp-ph.com/blogsite/business-registration-of-a-sole-proprietor-in-the-philippi
nes/.

Ward, Susan. “What Is a Sole Proprietorship?” The Balance Small Business. Updated
September 17, 2020. https://www.thebalancesmb.com/sole-proprietorship-2947269.

Yanuaria, Maria Lourdes. “How to Register a Corporation in the Philippines?”. MPM

Consulting Services Inc.. May 21, 2013.
https://mpm.ph/how-to-register-a-corporation/.

2.5. Forms of Business Organization 24