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ORGANIZATI0N
Identify the following whether it is ;
Sole Proprietorship
Partnership
Corporation
Objectives
At the end of this lesson, the students will be
able to:
1. identify the forms of business organization
2. enumerate the types of business organized
under foreign laws, and
3. discuss the types of business.
There are three types of business
organizations based on- ownership structure.
These are sole proprietorship, partnership,
and corporation. A wise manager should
consider the characteristics of the business
organization that he or she wishes to establish
in making the business plan as each presents
unique advantages, opportunities and
challenges.
SOLE PROPRIETORSHIP
Sole proprietorship are
companies owned by one who
is usually hands-on in managing
the day-to-day activities.
Many small businesses start in
this type of business
ownership. Sole proprietors
own the entire business,
including all assets and profits.
Assets are resources with
economic value that are owned
and controlled by the business
owners. Examples of assets are
facilities, equipment, machinery,
cash, office supplies and row
materials
SOLE PROPRIETORSHIP
Liabilities are debts or obligations
which arise in the course of the
business operations. Examples of
liabilities are accounts payable,
notes payable, accrued liabilities,
bonds payable.
Advantages and disadvantages of a Sole Proprietorship
Partnerships have a
limited life because
of its general
instability.
Disadvantages of a Partnership
A corporation has a
minimum of five and a
maximum of fifteen
owners who are called
shareholders.
CORPORATION