FORM OF BUSINESS ORGANIZATION

form of business organizations

type of business organization in which an individual personally owns the business. The sole proprietorship has no separate legal personality from its owner and the latter is personally liable for all its debts and obligations. Registration of sole proprietorships is with the Department of Trade and Industry (“DTI”).

Sole Proprietorship

Example of Sole Proprietorship:Sari-Sari Store, Ebay, WalMart

when two or more persons bind themselves to contribute money, property or industry to a common fund with the intention of dividing the profits and ownership among themselves. While the partnership is a separate legal entity from its partners, the latter are personally responsible for the debts and obligations of the partnership. Registration of partnerships is with the Securities and Exchange Commission (“SEC”).

Partnership

Example of Partnership: GoPro & Red Bull, BMW & Louis Vuitton, Uber & Spotify

Corporation

owned by several people, called shareholders, and has a personality separate and distinct from them. Shareholders are responsible for the debts of the corporation only up to the extent of their capital contribution. Corporations can either be stock or non-stock and are controlled by the Board of Directors or Trustees. Registration of corporations is with the SEC.

Example of Corporation: Amazon, Microsoft, Google, Apple,

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