Forms of Business Organizations

A business owned and operated by one person.

An entity that combines resources to produce goods or services for customers.

The primary goal is to make a profit, but it also involves responsibilities to society.

A business structure where two or more individuals share ownership and responsibility.

A legal entity separate from its owners, with limited liability and its own legal identity.

The owner of a sole proprietorship, responsible for all aspects of the business.

The owner is personally liable for all business debts and obligations.

A business structure with simple formation procedures and few legal requirements.

A law that sets a minimum wage for all workers, ensuring they earn a fair living.

This law aims to protect the rights and well-being of Filipino workers who work abroad.

It ensures that bodies of water are protected from pollution caused by land-based sources.

This act aims to increase environmental education and awareness across the country.

This law clarifies the requirements for businesses involved in agriculture, ensuring they understand and comply with relevant regulations.

The right of stockholders to hold management accountable for their actions, especially concerning unethical or illegal behavior. This often involves reporting wrongdoing to external authorities or the public.

A Philippine law that outlines legal responsibilities for businesses regarding their interactions with customers, suppliers, tradesmen, and distributors.

The practice of promoting ethical conduct within a business, often through formal trainings and self-imposed regulations, ensuring compliance with legal requirements and ethical standards.

A Philippine organization playing a significant role in advocating for and implementing ethical business practices, providing guidance and training to its members.

An organization dedicated to promoting ethical and responsible practices within the food industry in the Philippines, focusing on compliance with legal requirements and ethical standards.

Companies that buy finished goods from other businesses and then sell them to customers, marking up the price for profit.

A business that uses raw materials, components, or parts to create a final product.

The value customers receive from a service or activity, often intangible, such as consulting, accounting, cleaning, or transportation.

The act of marking up the price of a product in order to make a profit. This is done by adding a percentage to the cost of the good.

Buying goods from a wholesaler in bulk at a discounted price and then selling them to customers at a higher price.

The process of providing assistance and support to customers before, during, and after a purchase.

An economic system where companies play a significant role in creating jobs, contributing to economic growth, and influencing the overall well-being of society.

The ability to offer services and products not only physically but also through digital platforms like websites and apps.

A manager's ability to effectively interact with others, build trust, and foster a collaborative environment.

The ability to understand complex situations and make sound decisions based on analysis and critical thinking.

Skills related to performing specific tasks, often technical in nature.

The practice of sharing information openly and transparently within an organization, fostering accountability and trust.

Legal requirements and regulations that businesses must adhere to, including ethical considerations.

The impact of a business's ethical behavior on its public image, reputation, and customer trust.

The practical benefits of ethical behavior for businesses, including increased efficiency, improved employee morale, and stronger customer relationships.

The intrinsic moral obligation to act ethically, regardless of legal or practical considerations.

The Corporate Governance Manual is a document that outlines how a company is governed. It covers topics like board composition, committees, shareholder rights, monitoring, and self-assessment.

Accountability in the context of corporate governance means being responsible for one's actions and being able to explain or justify them. It involves taking corrective measures when necessary.

The Board Governance section of the Corporate Governance Manual outlines the composition, qualifications, and disqualifications of the company's Board of Directors. This ensures that the board has the necessary expertise and integrity to guide the company effectively.

Board Committees are groups of directors who focus on specific areas of the company's operations, such as finance or audit. The Corporate Governance Manual outlines the responsibilities of each committee.

The Stockholders Rights and Protection section of the Corporate Governance Manual outlines the governance covenants, or agreements, with shareholders. It ensures that shareholders' rights are protected and that they have a voice in the company.

The Governance Monitoring and Self-Assessment section allows the board to evaluate its own performance using a self-rating system. This helps ensure the board is fulfilling its responsibilities effectively.

Fairness in business involves treating all stakeholders, including employees, customers, and investors, with impartiality and equity. It's about balancing interests fairly in decision-making.

Accountability is crucial for preventing and detecting corruption. It helps maintain a transparent and trustworthy environment within an organization, ensuring ethical conduct and preventing misuse of power.