Podcast
Questions and Answers
Partnership is an association of two or more persons who have agreed to contribute money, property, or industry to a common fund with the intention of dividing the ______ among themselves.
Partnership is an association of two or more persons who have agreed to contribute money, property, or industry to a common fund with the intention of dividing the ______ among themselves.
profits
A partnership is contractual in nature because it is formed through a contract between or among the partners. Partners agreed to form the partnership and are amenable to the terms of the ______.
A partnership is contractual in nature because it is formed through a contract between or among the partners. Partners agreed to form the partnership and are amenable to the terms of the ______.
agreement
Every contract of partnership having a capital of three thousand pesos or more, in money or property, shall appear in a public instrument, which must be recorded in the Office of the Securities and Exchange ______.
Every contract of partnership having a capital of three thousand pesos or more, in money or property, shall appear in a public instrument, which must be recorded in the Office of the Securities and Exchange ______.
Commission
A partnership may be constituted in any form, except where immovable property or real rights are contributed thereto, in which case a public instrument shall be ______.
A partnership may be constituted in any form, except where immovable property or real rights are contributed thereto, in which case a public instrument shall be ______.
Signup and view all the answers
Limited term of existence – is coterminus / corresponds with the life of the ______.
Limited term of existence – is coterminus / corresponds with the life of the ______.
Signup and view all the answers
Difficulty in measuring success – business funds/expenses usually mix with the personal funds/expenses of the ______.
Difficulty in measuring success – business funds/expenses usually mix with the personal funds/expenses of the ______.
Signup and view all the answers
A corporation cannot be formed by mere agreement of partners. It requires special authority given by the ______
A corporation cannot be formed by mere agreement of partners. It requires special authority given by the ______
Signup and view all the answers
Stockholders may sell their shares to others due to the transferable units of ______
Stockholders may sell their shares to others due to the transferable units of ______
Signup and view all the answers
Stockholders are liable to corporate creditors only up to the extent of shares subscribed by them, showcasing limited stockholders ______
Stockholders are liable to corporate creditors only up to the extent of shares subscribed by them, showcasing limited stockholders ______
Signup and view all the answers
The life of a corporation may not exceed 50 years, but the Articles of Incorporation may be subsequently amended to not more than 50 additional years at a time, ensuring continuity of ______
The life of a corporation may not exceed 50 years, but the Articles of Incorporation may be subsequently amended to not more than 50 additional years at a time, ensuring continuity of ______
Signup and view all the answers
The possibility of a large number of stockholders gives rise to the need to vest the management of the corporation in the Board of Directors, showcasing centralized ______
The possibility of a large number of stockholders gives rise to the need to vest the management of the corporation in the Board of Directors, showcasing centralized ______
Signup and view all the answers
Incorporators are referred to as the founders of the corporation, while Corporators are those who compose the corporation, whether they are stockholders or ______
Incorporators are referred to as the founders of the corporation, while Corporators are those who compose the corporation, whether they are stockholders or ______
Signup and view all the answers
By-laws refers to the rules and regulations adopted by the corporation for its internal government and the government of its officers and stockholders or ______
By-laws refers to the rules and regulations adopted by the corporation for its internal government and the government of its officers and stockholders or ______
Signup and view all the answers
Board consists of not less than five or nor more than fifteen ______
Board consists of not less than five or nor more than fifteen ______
Signup and view all the answers
Selection of President, Treasurer, Secretary and other officers, as may be provided for in the by-laws, is entrusted to the BODs or ______
Selection of President, Treasurer, Secretary and other officers, as may be provided for in the by-laws, is entrusted to the BODs or ______
Signup and view all the answers
Commencement of business operations should be made within two years from the date of its ______
Commencement of business operations should be made within two years from the date of its ______
Signup and view all the answers
The Articles of Incorporation must substantially contain the following matters required by Section 14 of the Corporation Code of the Philippines: Name of the corporation, Specific purpose or purposes for which the corporation is formed, Location or principal place of business which should be in the Philippines, Term for which the corporation is to exist, not exceeding fifty years, Names, nationalities, and residences of the incorporators, Names, nationalities, and residences of the persons who shall act as directors or trustees until the first regular directors or trustees are duly elected and qualified in accordance with the Code. The Articles of Incorporation must substantially contain the following matters required by Section 14 of the Corporation Code of the Philippines: ______
The Articles of Incorporation must substantially contain the following matters required by Section 14 of the Corporation Code of the Philippines: Name of the corporation, Specific purpose or purposes for which the corporation is formed, Location or principal place of business which should be in the Philippines, Term for which the corporation is to exist, not exceeding fifty years, Names, nationalities, and residences of the incorporators, Names, nationalities, and residences of the persons who shall act as directors or trustees until the first regular directors or trustees are duly elected and qualified in accordance with the Code. The Articles of Incorporation must substantially contain the following matters required by Section 14 of the Corporation Code of the Philippines: ______
Signup and view all the answers
The Articles of Incorporation must substantially contain the following matters required by Section 14 of the Corporation Code of the Philippines: 7. ______
The Articles of Incorporation must substantially contain the following matters required by Section 14 of the Corporation Code of the Philippines: 7. ______
Signup and view all the answers
Time for holding the annual election of directors or trustees and the mode or manner of giving notice thereof 7. Manner of election or appointment and the term of office of all officers other than directors or trustees 8. Penalties for violation of the by-laws 9. In case of stock corporations, the manner of issuing certificates 10. Such other matters may be necessary for the proper or convenient transaction of its corporate business and affairs. THE BY-LAWS As mentioned, the by-laws should be adopted by and filed with the SEC within one month from the date of incorporation. Failure to do so endangers the existence of the corporation because of the possible revocation of its registration. CLASSIFICATION OF CORPORATIONS 1. Public Corporation Are formed or organized for the government of a portion of the state. Municipal corporations or local governments For political or public purpose connected with the administration of government Examples: barangays or barrios, cities, municipalities and provinces CLASSIFICATION OF CORPORATIONS 2. Private Corporation Are corporations formed other than for the government of a portion of the state. They are formed for private purpose, benefit or end. CLASSIFICATION OF CORPORATIONS Private corporations are generally classified as: A. As to Purpose 1. For profit 2. Non-profit 3. Charitable a. Religious b. Public Charity 4.
Time for holding the annual election of directors or trustees and the mode or manner of giving notice thereof 7. Manner of election or appointment and the term of office of all officers other than directors or trustees 8. Penalties for violation of the by-laws 9. In case of stock corporations, the manner of issuing certificates 10. Such other matters may be necessary for the proper or convenient transaction of its corporate business and affairs. THE BY-LAWS As mentioned, the by-laws should be adopted by and filed with the SEC within one month from the date of incorporation. Failure to do so endangers the existence of the corporation because of the possible revocation of its registration. CLASSIFICATION OF CORPORATIONS 1. Public Corporation Are formed or organized for the government of a portion of the state. Municipal corporations or local governments For political or public purpose connected with the administration of government Examples: barangays or barrios, cities, municipalities and provinces CLASSIFICATION OF CORPORATIONS 2. Private Corporation Are corporations formed other than for the government of a portion of the state. They are formed for private purpose, benefit or end. CLASSIFICATION OF CORPORATIONS Private corporations are generally classified as: A. As to Purpose 1. For profit 2. Non-profit 3. Charitable a. Religious b. Public Charity 4.
Signup and view all the answers
THE BY-LAWS should be adopted by and filed with the SEC within one month from the date of ________
THE BY-LAWS should be adopted by and filed with the SEC within one month from the date of ________
Signup and view all the answers
Failure to adopt and file the by-laws endangers the existence of the corporation due to the possible revocation of its ________
Failure to adopt and file the by-laws endangers the existence of the corporation due to the possible revocation of its ________
Signup and view all the answers
Public Corporations are formed for the government of a portion of the ________
Public Corporations are formed for the government of a portion of the ________
Signup and view all the answers
Private Corporations are formed for private purpose, benefit, or ________
Private Corporations are formed for private purpose, benefit, or ________
Signup and view all the answers
Private corporations can be classified as for-profit, non-profit, or ________
Private corporations can be classified as for-profit, non-profit, or ________
Signup and view all the answers
Builders GENETIC INDUSTRIES are businesses involved in the production or multiplication and reproduction of certain species of plants and animals, either for sale for production of bio-products. Examples: Lauren Farms Inc., D.R.Rodriguez Piggery Farm TYPES OF BUSINESS ORGANIZATION AS TO OWNERSHIP SOLE / SINGLE PROPRIETORSHIP is a business unit owned and controlled by a single individual. is the simplest business entity and the easiest to form or put up. ADVANTAGES OF SOLE PROPRIETORSHIP 1. EASE OF FORMATION – only one person makes the decision to go into business. 2. NEEDS ONLY MINIMUM CAPITALIZATION – usually needs smaller capital. 3. SOLE DECISION MAKER – the owner has total control of his business. 4. EASY TO TERMINATE – the business is easy to terminate or discontinue since it is only owned by a single person. DISADVANTAGES OF SOLE PROPRIETORSHIP 1. Unlimited liability – a sole proprietor is liable for the liabilities of the sole proprietorship to the extent of his personal assets. 2. Limited access to capital – if the business has a large earning potential, and the owner, being alone, cannot provide the necessary capitalization to expand. 3. ______ – he can only utilize his own skills, talents and
Builders GENETIC INDUSTRIES are businesses involved in the production or multiplication and reproduction of certain species of plants and animals, either for sale for production of bio-products. Examples: Lauren Farms Inc., D.R.Rodriguez Piggery Farm TYPES OF BUSINESS ORGANIZATION AS TO OWNERSHIP SOLE / SINGLE PROPRIETORSHIP is a business unit owned and controlled by a single individual. is the simplest business entity and the easiest to form or put up. ADVANTAGES OF SOLE PROPRIETORSHIP 1. EASE OF FORMATION – only one person makes the decision to go into business. 2. NEEDS ONLY MINIMUM CAPITALIZATION – usually needs smaller capital. 3. SOLE DECISION MAKER – the owner has total control of his business. 4. EASY TO TERMINATE – the business is easy to terminate or discontinue since it is only owned by a single person. DISADVANTAGES OF SOLE PROPRIETORSHIP 1. Unlimited liability – a sole proprietor is liable for the liabilities of the sole proprietorship to the extent of his personal assets. 2. Limited access to capital – if the business has a large earning potential, and the owner, being alone, cannot provide the necessary capitalization to expand. 3. ______ – he can only utilize his own skills, talents and
Signup and view all the answers
Builders GENETIC INDUSTRIES are businesses involved in the production or multiplication and reproduction of certain species of plants and animals, either for sale for production of bio-products. Examples: Lauren Farms Inc., D.R.Rodriguez Piggery Farm TYPES OF BUSINESS ORGANIZATION AS TO OWNERSHIP SOLE / SINGLE PROPRIETORSHIP is a business unit owned and controlled by a single individual. is the simplest business entity and the easiest to form or put up. ADVANTAGES OF SOLE PROPRIETORSHIP 1. EASE OF FORMATION – only one person makes the decision to go into business. 2. NEEDS ONLY MINIMUM CAPITALIZATION – usually needs smaller capital. 3. SOLE DECISION MAKER – the owner has total control of his business. 4. EASY TO TERMINATE – the business is easy to terminate or discontinue since it is only owned by a single person. DISADVANTAGES OF SOLE PROPRIETORSHIP 1. Unlimited liability – a sole proprietor is liable for the liabilities of the sole proprietorship to the extent of his personal assets. 2. Limited access to capital – if the business has a large earning potential, and the owner, being alone, cannot provide the necessary capitalization to expand. 3. Limited skills, talents, and capabilities – he can only utilize his own skills, talents and
Builders GENETIC INDUSTRIES are businesses involved in the production or multiplication and reproduction of certain species of plants and animals, either for sale for production of bio-products. Examples: Lauren Farms Inc., D.R.Rodriguez Piggery Farm TYPES OF BUSINESS ORGANIZATION AS TO OWNERSHIP SOLE / SINGLE PROPRIETORSHIP is a business unit owned and controlled by a single individual. is the simplest business entity and the easiest to form or put up. ADVANTAGES OF SOLE PROPRIETORSHIP 1. EASE OF FORMATION – only one person makes the decision to go into business. 2. NEEDS ONLY MINIMUM CAPITALIZATION – usually needs smaller capital. 3. SOLE DECISION MAKER – the owner has total control of his business. 4. EASY TO TERMINATE – the business is easy to terminate or discontinue since it is only owned by a single person. DISADVANTAGES OF SOLE PROPRIETORSHIP 1. Unlimited liability – a sole proprietor is liable for the liabilities of the sole proprietorship to the extent of his personal assets. 2. Limited access to capital – if the business has a large earning potential, and the owner, being alone, cannot provide the necessary capitalization to expand. 3. Limited skills, talents, and capabilities – he can only utilize his own skills, talents and
Signup and view all the answers
Builders GENETIC INDUSTRIES are businesses involved in the production or multiplication and reproduction of certain species of plants and animals, either for sale for production of bio-products. Examples: Lauren Farms Inc., D.R.Rodriguez Piggery Farm TYPES OF BUSINESS ORGANIZATION AS TO OWNERSHIP SOLE / SINGLE PROPRIETORSHIP is a business unit owned and controlled by a single individual. is the simplest business entity and the easiest to form or put up. ADVANTAGES OF SOLE PROPRIETORSHIP 1. EASE OF FORMATION – only one person makes the decision to go into business. 2. NEEDS ONLY MINIMUM CAPITALIZATION – usually needs smaller capital. 3. SOLE DECISION MAKER – the owner has total control of his business. 4. EASY TO TERMINATE – the business is easy to terminate or discontinue since it is only owned by a single person. DISADVANTAGES OF SOLE PROPRIETORSHIP 1. Unlimited liability – a sole proprietor is liable for the liabilities of the sole proprietorship to the extent of his personal assets. 2. Limited access to capital – if the business has a large earning potential, and the owner, being alone, cannot provide the necessary capitalization to expand. 3. Limited skills, talents, and capabilities – he can only utilize his own skills, talents and
Builders GENETIC INDUSTRIES are businesses involved in the production or multiplication and reproduction of certain species of plants and animals, either for sale for production of bio-products. Examples: Lauren Farms Inc., D.R.Rodriguez Piggery Farm TYPES OF BUSINESS ORGANIZATION AS TO OWNERSHIP SOLE / SINGLE PROPRIETORSHIP is a business unit owned and controlled by a single individual. is the simplest business entity and the easiest to form or put up. ADVANTAGES OF SOLE PROPRIETORSHIP 1. EASE OF FORMATION – only one person makes the decision to go into business. 2. NEEDS ONLY MINIMUM CAPITALIZATION – usually needs smaller capital. 3. SOLE DECISION MAKER – the owner has total control of his business. 4. EASY TO TERMINATE – the business is easy to terminate or discontinue since it is only owned by a single person. DISADVANTAGES OF SOLE PROPRIETORSHIP 1. Unlimited liability – a sole proprietor is liable for the liabilities of the sole proprietorship to the extent of his personal assets. 2. Limited access to capital – if the business has a large earning potential, and the owner, being alone, cannot provide the necessary capitalization to expand. 3. Limited skills, talents, and capabilities – he can only utilize his own skills, talents and
Signup and view all the answers
