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Business Organizations in the Philippines

In the Philippines, the main forms of business organizations are Sole Proprietorship, Partnership, and Corporations. A Sole Proprietorship is owned by a single individual, while a Partnership involves two or more individuals sharing responsibilities and profits. Corporations are separate legal entities that can engage in contracts and retain existence despite changes in ownership.

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Bunbun 221
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31 views1 page

Business Organizations in the Philippines

In the Philippines, the main forms of business organizations are Sole Proprietorship, Partnership, and Corporations. A Sole Proprietorship is owned by a single individual, while a Partnership involves two or more individuals sharing responsibilities and profits. Corporations are separate legal entities that can engage in contracts and retain existence despite changes in ownership.

Uploaded by

Bunbun 221
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

Are you familiar with the different forms of business organizations in the Philippines?

- Yes, I am familiar with the forms of business organization here in the Philippines as we already tackled
this topic in Senior High as well as in our First year in College. These business organizations are the Sole
Proprietorship which is a type of business that is frequently owned by a single individual, usually the
person who is in charge of the day-to-day operations. Independent contractors, freelancers, and home-
based enterprises are examples of sole proprietors. Partnership on the other hand is an agreement
between two or more people to run a legal business together and split the profits. Individuals that
engage in such an agreement are referred to as "partners," and the firm as a whole is referred to as
"firm.". Lastly is the Corporations which is treated as a separate legal entity from the people who own it,
according to the law. A corporation has the ability to be taxed, penalized, and engage in contracts.
When the ownership of a corporation changes, it retains its existence.

What comes into your mind when you encounter the word “Partnership” in your accounting books?

- As I encounter the word "Partnership" in my course, the first thing that comes to my mind is that it is
an agreement or collaboration between two people who have equal responsibility on a business that
they owned. They share the same profits as well as liabilities as they all manage and control the
operation of their business.

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