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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.
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 ______.
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 ______.
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 ______.
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Limited term of existence – is coterminus / corresponds with the life of the ______.
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Difficulty in measuring success – business funds/expenses usually mix with the personal funds/expenses of the ______.
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A corporation cannot be formed by mere agreement of partners. It requires special authority given by the ______
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Stockholders may sell their shares to others due to the transferable units of ______
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Stockholders are liable to corporate creditors only up to the extent of shares subscribed by them, showcasing limited stockholders ______
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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 ______
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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 ______
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Incorporators are referred to as the founders of the corporation, while Corporators are those who compose the corporation, whether they are stockholders or ______
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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 ______
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Board consists of not less than five or nor more than fifteen ______
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Selection of President, Treasurer, Secretary and other officers, as may be provided for in the by-laws, is entrusted to the BODs or ______
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Commencement of business operations should be made within two years from the date of its ______
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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: ______
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The Articles of Incorporation must substantially contain the following matters required by Section 14 of the Corporation Code of the Philippines: 7. ______
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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.
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THE BY-LAWS should be adopted by and filed with the SEC within one month from the date of ________
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Failure to adopt and file the by-laws endangers the existence of the corporation due to the possible revocation of its ________
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Public Corporations are formed for the government of a portion of the ________
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Private Corporations are formed for private purpose, benefit, or ________
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Private corporations can be classified as for-profit, non-profit, or ________
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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
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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
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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
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