Podcast
Questions and Answers
What is the main goal of for-profit organizations?
What is the main goal of for-profit organizations?
- To create job opportunities for the local community
- To make a profit to sustain the business (correct)
- To advocate and implement activities for public interest
- To develop products and supply them to consumers
What distinguishes nonprofit organizations from for-profit organizations?
What distinguishes nonprofit organizations from for-profit organizations?
- They advocate and implement activities for public interest (correct)
- They aim to make a profit to sustain the business
- They create job opportunities for the local community
- They develop products and supply them to consumers
What is the primary characteristic of a sole proprietorship?
What is the primary characteristic of a sole proprietorship?
- Owned and operated by multiple individuals
- Requires a large amount of capital to start
- Operated by one individual who makes all decisions related to the business (correct)
- Has no need for DTI registration
What distinguishes a nonprofit organization from a for-profit organization in terms of ownership?
What distinguishes a nonprofit organization from a for-profit organization in terms of ownership?
What is the main difference between a general partner and a limited partner in a partnership?
What is the main difference between a general partner and a limited partner in a partnership?
According to Article 1772, what is the requirement for every contract of partnership having a capital of 3,000 pesos or more?
According to Article 1772, what is the requirement for every contract of partnership having a capital of 3,000 pesos or more?
What type of corporation is San Mig and PLDT classified as?
What type of corporation is San Mig and PLDT classified as?
According to Republic Act No.11232, who can form a one person corporation?
According to Republic Act No.11232, who can form a one person corporation?
Under what conditions is a contract of partnership void according to Article 1773?
Under what conditions is a contract of partnership void according to Article 1773?
What is the legal basis for One Person Corporation according to the text?
What is the legal basis for One Person Corporation according to the text?
What is the primary distinguishing feature of a nonprofit organization?
What is the primary distinguishing feature of a nonprofit organization?
Which form of business organization requires DTI registration every five years?
Which form of business organization requires DTI registration every five years?
What distinguishes a for-profit organization from a nonprofit organization in terms of ownership?
What distinguishes a for-profit organization from a nonprofit organization in terms of ownership?
What is the main goal of a for-profit organization?
What is the main goal of a for-profit organization?
Which classification does a nonprofit organization often fall under?
Which classification does a nonprofit organization often fall under?
In a partnership, what is the liability of a general partner?
In a partnership, what is the liability of a general partner?
What is the legal requirement for contracts of partnership having a capital of 3,000 pesos or more?
What is the legal requirement for contracts of partnership having a capital of 3,000 pesos or more?
What distinguishes a one person corporation from other types of corporations?
What distinguishes a one person corporation from other types of corporations?
Under what conditions is a contract of partnership void according to Article 1773?
Under what conditions is a contract of partnership void according to Article 1773?
What distinguishes stock corporations from non-stock corporations?
What distinguishes stock corporations from non-stock corporations?
Study Notes
Types of Organizations
- The main goal of for-profit organizations is to earn profit.
Nonprofit vs. For-Profit Organizations
- Nonprofit organizations are distinguished from for-profit organizations in terms of ownership: nonprofit organizations do not have owners, whereas for-profit organizations do.
Sole Proprietorship
- The primary characteristic of a sole proprietorship is that it is owned and operated by a single individual.
Partnerships
- The main difference between a general partner and a limited partner in a partnership is that a general partner has unlimited personal liability, while a limited partner has limited personal liability.
- According to Article 1772, every contract of partnership having a capital of 3,000 pesos or more requires a public instrument.
Corporations
- San Mig and PLDT are classified as stock corporations.
- According to Republic Act No.11232, a single natural person can form a one person corporation.
- A one person corporation is distinguished from other types of corporations in that it has a single stockholder.
Void Partnerships
- A contract of partnership is void if it is contrary to law, morals, or public policy, or if it is with an impossible or unlawful object, according to Article 1773.
Nonprofit Organizations
- The primary distinguishing feature of a nonprofit organization is that its purpose is not to earn profit, but to fulfill a social or charitable mission.
- Nonprofit organizations often fall under the classification of foundations or charitable institutions.
Registration and Liability
- Partnerships require DTI registration every five years.
- In a partnership, a general partner has unlimited personal liability.
Legal Requirements
- The legal requirement for contracts of partnership having a capital of 3,000 pesos or more is a public instrument, according to Article 1772.
- The legal basis for One Person Corporation is Republic Act No.11232.
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Description
Explore the forms and characteristics of business organizations, the relationship between business and the economy, and the crucial roles that business entities play in modern society, such as driving economic growth, creating job opportunities, and supplying products and services to consumers.
