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Business Entity
BSEd Filipino
Cebu Roosevelt Memorial College
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Business Entity is an organization created by one or more natural persons to carry on a trade business Types of Business Organization -Sole Proprietorship -Partnership -Corporation Sole Proprietorship business organization owned by ONE person Business Registration starts with the business name DTI Business Registration obtains local clearances such as Barangay clearance and Mayor's permit Department of Trade and Industry DTI full term Business Registration go through BIR, SSS, PHIC Bureau of Internal Revenue BIR full term Social Security System SSS full term Philippine Health Insurance Corporation PHIC full term Advantages of Sole Proprietorship most involved in business operation easy to organize Disadvantages of Sole Proprietorship Limited source of capital Proprietorship unlimited liability and business entities and existence Examples of Sole Proprietorship -franchised enterprises -individual rendering professional services Partnership refers to Title IX, Chapter 1 of the Philippine Civil Code Disadvantages of Partnership -unlimited liability -limited existence -mutual agency of the partners Partnership Title IX, Chapter 1 of the Philippine Civil Code 1949 defines it as a contract where TWO or MORE people bind themselves to contribute money ,property, or industry to a common fund with the intention of DIVIDING profits among themselves Partners two or more persons in agreement in a partnership Articles of Partnership where partnership's agreement is contained in a document Advantage of Partnership
ease of organization Partnership -separate legal entity from that of the participants in the partnership -consists of TWO or MORE individuals -either general partnership or limited partnership -have limited existence -changes may dissolve entity General Partnership -type of partnership -unlimited liability Limited Partnership -type of partnership -one or more partners have unlimited liability and somepartners have liability only up to the amount of their capital contributions Mutual Agency each partner may bind the partnership and the other partners in business-related matters SEC Basic Requirements for Partnership -Cover Sheet -Reservation Payment Confirmation -Articles of Partnership -Joint Undertaking to Change Name Corporation -defined by the Corporation Code of the Phils. (1980) as an artificial being created by operation of law, having the right to succession and the powers, attributes, and properties -authorized by law or incident to its existence Corporation a being independent of its owners and will have a name and a "birth" date just like a normal person Corporation have rights, attributes, and powers Stock -a corporation's unit of ownership -included in the Articles of Incorporation Articles of Incorporation document that includes the corporate name, owners, intended life, business purpose, and number of shares to be issued Advantages of a corporation centralization of management through the board directors stock certificate represents the stock or unit of corporate ownership stock certificate piece of paper representing the ownership of one stock of the corporation par value
Business Entity
Course: BSEd Filipino
University: Cebu Roosevelt Memorial College
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