FORMS OF BUSINESS
SOLE PROPRIETORSHIP
These businesses are owned by one person, usually, the individual who has day-to-day responsibility for running the business. Sole proprietors can be independent contractors, freelancers or home-based businesses. EXAMPLE ; SARI-SARI STORE
PARTNERSHIP
In a Partnership, two or more people share ownership of a single business. The partners should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted to the partnership, how partners can be bought out or what steps will be taken to dissolve the partnership when needed. EXAMPLE; UBER AND SPOTIFY
CORPORATION
A corporation is considered by law to be a unique entity, separate from those who own it. A corporation can be taxed, sued and enter into contractual agreements. The corporation has a life of its own and does not dissolve when ownership changes. EXAMPLE ; SAN MIGUEL CORPORATION
Sources
COOPERATIVE
Is a form of business organization in which the business is owned and controlled by those who use its services. Cooperatives are organized primarily for the purpose of providing service to their user-owners, rather than to generate profit for investors. EXAMPLE ; METRO SOUTH COOPERATIVE BANK
Limited Liability Company
A limited liability company or LLC is a hybrid business structure that provides the limited legal liability of a corporation and the operational flexibility of a partnership or sole proprietorship. However, the formation is more complex and formal than that of a general partnership. EXAMPLE ; NIKE, PEPSI-COLA
Sources
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Dennis Gayta
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Transcript
FORMS OF BUSINESS
SOLE PROPRIETORSHIP
These businesses are owned by one person, usually, the individual who has day-to-day responsibility for running the business. Sole proprietors can be independent contractors, freelancers or home-based businesses. EXAMPLE ; SARI-SARI STORE
PARTNERSHIP
In a Partnership, two or more people share ownership of a single business. The partners should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted to the partnership, how partners can be bought out or what steps will be taken to dissolve the partnership when needed. EXAMPLE; UBER AND SPOTIFY
CORPORATION
A corporation is considered by law to be a unique entity, separate from those who own it. A corporation can be taxed, sued and enter into contractual agreements. The corporation has a life of its own and does not dissolve when ownership changes. EXAMPLE ; SAN MIGUEL CORPORATION
Sources
COOPERATIVE
Is a form of business organization in which the business is owned and controlled by those who use its services. Cooperatives are organized primarily for the purpose of providing service to their user-owners, rather than to generate profit for investors. EXAMPLE ; METRO SOUTH COOPERATIVE BANK
Limited Liability Company
A limited liability company or LLC is a hybrid business structure that provides the limited legal liability of a corporation and the operational flexibility of a partnership or sole proprietorship. However, the formation is more complex and formal than that of a general partnership. EXAMPLE ; NIKE, PEPSI-COLA
Sources