TYPES OD BUSINESS

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Sole or single proprietorship
It is a form of business organization that is owned
and usually management by one person. It is the
oldest and the simplest form of business
ownership. It is also easiest to start and manage.
The owner is also the general manager of the
company.

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Advantages:
a. Low Cost of Formation and Dissolution it is easy and cheap
to start and it is also easy and cheap to dissolve. It requires
small capital and there are less legal paper needed. A license
from the Department of Trade and Indusz and a business
permit from the city or municipal government are required.
b. Independence and Flexibility the owner is usually the boss
also. He makes his own decision and implements the, in
accordance with his will or wish. There is a freedom in
decision making in the area of marketing, production and
finance. There is no other person involved in managing the
business.

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c. Tax Advantage and Less Government Regulation The
owner does not pay ' several kinds of taxes. The earning is
taxed as personal income tax because the government has
very minimal regulation and supervision over a single
proprietorship. The business will not be taxed only the
owner or the manager of the entity.

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Disadvantages:
a. Unlimited Liability if in case the business fails, the
owner will be liable to all financial obligations. The
creditors can get all his personal properties, including
saving and personal belonging.
b. Limited Financial Resources banks and other financial
institutions are usually not willing to lend large amounts
of money to single proprietorships. The manager’s asset
only will be the source of expansion and improvement of
the business.
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c. Limited Business Skill and Knowledge ”Two heads are
better than one” wants to emphasize that the manager
must be willing to extend or empower his skill and
knowledge to capture the large market considering that
only few people are gifted to so much talents.

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partnership
It is an association of two or more people who act as co-
owner of the business. ; Each partner contributes money,
property or service and profession to their organization.
There are two types of partners: general partner and
limited partners.
The liability of a general partner extends up to his personal
properties l while a limited partner is only liable to the
extent of his contribution to business The capitalist
partner contributes money, property and belongings. The
industrial partner provides service, management or even
his profession.
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Advantages:
a. Easy to Organize a partnership is relatively easy to form,
much easier than corporation. The legal requirement include
articles and by laws of partnership to be submitted to the
security and exchange commission, verification of business
name with SEC, registration of business name with the
Department of Trade and Industry, registration with the Bureau
of Intemal Revenue for a TIN (Tax Identification Number),
business permit from the city or municipal hall, and registration
of employees with Social Security System.

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b. Availability of More Capital and Credit partners can
easily combine their resources: properties, equipment, and
others and can also use these for security in obtaining
bank loans. Suppliers are willing to extend more credit to
a partnership than to a single proprietorship. It lessens the
risk of limitation in funds.

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c. Retention of Profits each partner gets all the profits of
his business. This stimulates the partners to improve their
operation. If the partner is a limited partner, the security
of maintaining the personal properties is strong than
paying all the obligations.
d. Better Business Skills and Knowledge each partner
contributes his skills and knowledge to the organization.
Such combination provides better management in terms
of planning, decision making and implementation,
compared with a single proprietorship.

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Disadvantages:
a. Unlimited Liability each general partner is personally responsible
for all the debts of the business. Even the personal property of a
general partner can be taken to pay creditors. However, in the case
of a limited partner, only his investment is subject to risk.
b. Lack of Stability a partnership is terminated in case of the death,
withdrawal of legally declared insanity of any one of the general
partners. A partner may withdraw his capital any time that he Wishes
not to participate in the partnership.
c. Management Disagreement -it is true that two more heads are
better than one. But if they do not work in unity, chaos will be the
result. Suspension of distrust and misunderstanding may crop up
among the partners.

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corporation
It is an artificial being created by operation of law, having the
right of succession, and the powers, attributes and properties
expressed authorized by law or incident to its existence. United
States Chief Justice John Marshall defined corporation in his
famous 1819 decision as ”an artificial being invisible, tangible,
and existing only in contemplation of the law”. Stocks are
shares or certificate of ownership of a corporation. The owners
of stocks are called stockholders or shareholders.

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 There are two types of corporations: private or close corporation
and open corporation:

1. Private or Close Corporation it is owned by a few

individuals, usually relatives 1. and friends. They limit
ownership to the public and maintained common interest to
the corporation so as to avoid outside opinions and
suggestions.
2. Open Corporation it is owned by any individual who buys
shares of stock which are openly traded in the stock markets.
They invite outsiders and open ownership to the public to
attract more funds as investments.

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a. Limited Liability the liability of the stockholders are only up
to his shares of stock. In case the corporation becomes a
failure, creditors can only lay their claims on the assets of the
corporation, not the personal assets of the stockholders. The
personal assets will be protected against the creditors.
b. Ease in Raising Capital aside from bank loans, a corporation
can sell shares of stock to the public for additional funds.
Individuals are more Willing to invest in a corporation due to
a limited liability, and they can sell their shares of stock. It is
more advantageous than selling or borrowing funds from the
other party in the business industry.

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c. Stability of Existence the life of a corporation does not
end with withdrawal or death of the key owners. It can
exist for 50 years and is subject to renewal. The
ownership can be sold or transferred in discretion of the
stockholders.
d. Specialized Management the corporation can hire
expert or specialist in the management of the business.
Departmental activities are carried by pe0ple with proper
training and experience.

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disadvantages
a. Difficult to Organize it is difficult and quite expensive to organize
a corporation It requires the services of a lawyer and accountant to
prepare the legal forms and financial documents to show evidences
of its existence in order to operate. The legal requirements include
the following:
i. Submission of articles of incorporation and bylaws to
Securities and Exchange Commission
ii. Registration with Social Security System, Bureau of lntemal
Revenue and Department of Labor and Employment
iii. Acquisition of a business permit from the city or municipal hall
iv. License from the Department of Trade and Industry ii.

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b. Strictly Regulated and Supervised by the Government
corporations haveto comply with government laws, policies,
and regulations. They have to submit their financial reports
every year to concerned government agencies. The corporation
must show evidences of its existence to justify the business
operation.
c. Formal and Impersonal Employer-Employee Relationship a
corporation“ several layers of management. The President and
Board of Directors seldom do not associate with the workers or
clerks of the corporation.

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cooperative
It is a duly registered association of persons, with a common
bond of interest, who have voluntary joined together to
achieve a lawful common social or economic end, making
equitable contributions to the capital required taking in
accordance with the universally accepted principles of
coopera tion, which include the following:

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a. Open Voluntary Membership Cooperative is not limited to a
certain group of people but rather to other group of individuals
who are willing to be part of the organization.
b. Democratic Control One member can vote once same with
the other members in the organization. A member can express
the opinion freely having the same number of shares.
c. Limited Interest on Capital When the cooperative earns,
there is an equal distribution of interest on the investment so
as limitation is getting higher interest from the other member
is practice in the organization.

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c. Division of Net Surplus Each member will receive a computed
surplus to be distributed to the group. It is divided to be enjoyed by
the group as the financial statement as a proof and evidence.
d. Cooperative Education The organization will help educate each
members through regular meetings and seminar to help update the
group in some changes and ask suggestions if needed.
e. Cooperation with other Cooperatives Being registered under the
Cooperative Development Authority, the organization will be a
member of the umbrella group.

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Yellow Blue Red
Is the color of gold, butter and ripe Is the colour of the clear sky and the Is the color of blood, and because of
lemons. In the spectrum of visible light, deep sea. It is located between violet this it has historically been associated
yellow is found between green and and green on the optical spectrum. with sacrifice, danger and courage.
orange.

Yellow Blue Red

Is the color of gold, butter and ripe Is the colour of the clear sky and the Is the color of blood, and because of
lemons. In the spectrum of visible light, deep sea. It is located between violet this it has historically been associated
yellow is found between green and and green on the optical spectrum. with sacrifice, danger and courage.
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