Fundamentals of Accounting Business and Management I

1
Forms of Business Organization

Forms of Business Organization

This module presented the various forms of business organizations. The

common forms of business organizations depending on who provide the
resources and abilities that are needed in their normal operations. These
organizations can be sole proprietorship, partnership, corporations and
cooperatives.
Learning Objectives:
At the end of the module, the learner shall be able to:
1. Differentiate the forms of business organization in terms of nature
of ownership;
2. Identify the advantages of each form

Sole Proprietorship
A sole proprietorship is a business owned by a one person. It is easy to set-up
and is the least costly among all forms of ownership. Commonly referred to
as the entrepreneur, proprietor or owner. The owner has full
control/authority of its own and owns all the assets, as well as personally
answers all liabilities or losses.
The owner faces unlimited liability. Creditors may proceed not only against
the assets and property of the business, but also after the personal properties
of the owner. In other words, the law basically treats the business and the
owner as one and the same.
Advantages of Sole Proprietorship
1. Easy formation
The formation of sole proprietorship business is very easy and simple.
No legal formalities are involved for setting up the business excepting
a license or permission in certain cases. The entrepreneur with
initiative and certain amount of capital can set up such form of
business.
2. Direct motivation
The entrepreneur owns all and risks all. The entire profit goes to his
pocket. This motivates the proprietor to put his heart and soul in the
business to earn more profit. Thus, the direct relationship between
effort and reward motivates the entrepreneur to manage the business
more efficiently and effectively
3. Better control - The entrepreneur takes all decisions affecting the
business. A sole proprietor has complete control and decision-making
power over the business. This results in better control of the business
and ultimately leads to efficiency.

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 4. Promptness in decision-making - When the decision is to be taken
by one person, it is sure to be quick. Thus, the entrepreneur as sole
proprietor can arrive at quick decisions concerning the business by
which he can take the advantage of any better opportunities.
5. Easy dissolution
Like that of formation, the dissolution of the sole proprietorship is
also very easy. Since the proprietor is the supreme authority and no
regulations are applicable for closure of the business he can dissolve
his business any time he likes.
6. No corporate tax payments
Individual income tax shall be imposed on the sole proprietor. The
proprietors shall be liable for income tax only in their separate and
individual capacities.

Disadvantages of Sole Proprietorship

1. Limited resources - The financial resources of any small
entrepreneur as an individual is limited. He mainly finances from his
own savings or borrows from financial institutions, friends and
relatives as per his capacity. Thus, limited resource is the major
drawback of this form of business. Investors won’t usually invest in
sole proprietorships.
2. Limited managerial capability - Modern business requires updated
managerial skills in each and every sphere of activity. We cannot hope
a single individual to possess all the managerial talents necessary to
carry on a business efficiently. The limited financial resources of the
sole proprietorship are a hindrance to hire the services of managers
with expertise in different areas, thereby the growth of the business.
3. Unlimited liability - The sole proprietor of the business can be held
personally liable for the debts and obligations of the business.
Additionally, this risk extends to any liabilities incurred as a result of
acts committed by employees of the company.
4. Uncertainty of continuity - The continuity of the business is
uncertain because the business may come to an end due to the
incapacity or death of the proprietor. Even if at all the business passes
on to the successor of the proprietor, it is unlikely that they may
possess the business acumen like that of the proprietor.
Examples of Sole Proprietorship
 Computer Repair Services
 Catering Company
 Landscaper
 Tutorial business
 Virtual assistant
 Salon

Where to Register a Sole Proprietor Business?

Department of Trade and Industry (DTI)
Department of Trade and Industry (DTI) is the primary coordinative,
promotive, facilitative, and regulatory arm of the Philippine Government
with the country's trade, industry, and investment activities. DTI is
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Forms of Business Organization

responsible for realizing the country's goal of globally competitive and

innovative industry and services sector that contribute to inclusive growth
and employment generation. It is necessary to register your business with
this agency in order to gain the exclusive right to use your business name.
Single proprietors are required to register. Learn more
http://www.dti.gov.ph/businesses/business-name-registration.

How to register a Sole Proprietorship with the DTI

A sole proprietorship must register with the DTI and secure a Certificate of
Registration. At present, the DTI now gives the person the option to choose
his scope of business whether it be barangay, city, regional or national. based
on a recent issuance by the DTI, there is no more need to register each and
every branch if it is located within the scope of the registration. For example,
if I register my scope as national and my initial business is at Pasig City,
Metro Manila. I do not have to apply for new DTI registration when I open a
branch at Davao.

Registering a sole proprietorship with the DTI is simple. The required

information are as follows:
1. Proposed Business Name (list 3 names in order of priority)
2. Business Address (Street number, Name, Barangay, Zip Code, City and
Region)
3. Business Activities
4. Territorial Scope of Business (Barangay, City, Regional or National)
5. Owner's full name
6. Owner's address
7. Owner's date of birth
8. Owner's citizenship
9. Tax identification number or TIN of the owner.
Learn more on how to register: http://www.dti.gov.ph/businesses/business-
name-registration.
Partnership
Partnership is defined in Articles 1767 to 1867 of the Civil Code of the
Philippines as “a contract whereby two or more persons bind themselves to
contribute money, property, or industry into a common fund with the
intention of dividing profits among themselves. The formation of the
partnership requires some form of a written or oral agreement between the
partners.

The partnership agreement states how the business will be managed, the
capital contributions and the responsibilities of each partner, how the
periodic profits or loss shall be divided among the partners. The
compensation that each partner is entitled to received, and the form of
settlement upon the withdrawal or death of any partner.

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Characteristics of a Partnership
1. Mutual Agency – Any partner may act as an agent of the partnership
in conducting its affairs.
2. Unlimited Liability – Generally, the personal assets (assets not
contributed to the partnership) of any partner may be used to satisfy
the creditors’ claims of the partnership, if the partnership assets are
not enough to settle the liabilities to outsiders upon liquidation except
for limited liability partnership.
3. Limited Life – A partnership may be dissolved at any time by action
of the partners or by operation of law.
4. Mutual participation in profits – A partner has the right to share in
partnership profits.
5. Legal entity – A partnership has legal personality separate and
distinct from partnership profits (except general professional
partnership).
6. Co-ownership of contributed assets – Property contributed to the
partnership are owned by the partnership by virtue of its separate
legal personality.
7. Income tax – Taxable income of a partnership (except general
professional partnership) is computed in the same manner as in a
corporation. Partners' shares in taxable partnerships profits are
treated like dividends. A general professional partnership as such
shall not be subject to corporate tax instead persons engaging in
business as partners in a general professional partnership shall be
liable for income tax only in their separate and individual capacities.
Advantages of Partnership
1. Easy to Organize. Partnership is easy and inexpensive to organize, as
it is formed by a simple contract between two or more persons.
2. Unlimited Liability. The unlimited liability of the partners makes it
reliable from the point of view of creditors.
3. Huge Resources. Possibility of bigger resources than in the single
proprietorship exists. Financial institutions may extend bigger loans
to such business organization considering the combined resources of
the partners.
4. Better Management. The participation in the business by more than
one person makes possible a closer supervision of all its
activities/operations.
5. Better distribution of Profits. The profits were distributed
according to the agreement of the partners or equally distributed
among them. The direct gain to the partners is an incentive to give
close attention to the business.
Disadvantages of Partnership
1. Unlimited liability of the partners. The personal liability of as
partner for firm debts deters many from investing capital in a
partnership.
2. Partners are solidarity liable. A partner may be subject to personal
liability for the wrongful acts or omission of his associates.
3. It lacks stability. It is less stable because it can easily be dissolved by
death or withdrawal of any partners.
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Forms of Business Organization

4. Conflict Arise. There is divided authority among the partners. There

is constant likelihood of dissention or disagreement when each of the
partners has the same authority in the management of the firm.
Kinds of Partnership
1. As to Liability of Partners
 General Partnership - A general partnership is a partnership
with only general partners. Each general partner takes part in the
management of the business, and also takes responsibility for the
liabilities of the business. If one partner is sued, all partners are
held liable. General partnerships are the least desirable for this
reason. Examples of general partnership can be law firm,
architectural firm, medical practice and etc.

 Limited Partnerships – A limited partnership includes both

general partners and limited partners. A limited partner does not
participate in the day-to-day management of the partnership and
his/her liability is limited. In many cases, the limited partners are
merely investors who do not participate in the partnership other
than to provide an investment and to receive a share of the profits.
Limited partners have limited liability to the extent of his
contribution.

 Limited Liability Partnerships – A limited liability partnership

(LLP) is different from a limited partnership or a general
partnership, but is closer to a limited liability company (LLC). In
the LLP, all partners have limited liability. LLPs are most often set
up by professional services firms, like solicitors or accountants.

2. As to Duration
 Partnership at Will – one for which no term is specified and is
not formed for a particular undertaking or venture and which may
be terminated any time by mutual agreement of the partners or
the will of one alone.

 Partnership with a fixed term – one in which the term or period

for which the partnership is to exist is agreed upon. It may also
refer to a partnership formed for a particular undertaking and
upon expiration of the term and completion of the particular
undertaking; the partnership is dissolved, unless continued by the
partners.

3. As to representation to others
 Ordinary Partnership – One which actually exists among the
partners and also to third persons.

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  Partnership by estoppels – one which in reality is not a
partnership but is considered partnership only in relation to those
who, by their conduct or omission, are precluded to deny or
disprove its existence.

Classes of Partners
1. As to Contribution
 Capitalist Partner – one who contributes capital in money or
property.
 Industrial Partner – one who contributes industry, labor, skill or
service.
 Capitalist Industrial Partner – one who contributes money,
property and industry.
2. As to Liability
 General Partner – one whose liability to third persons extends to
his separate personal properties.
 Limited Partner – one whose liability is limited only to the extent
of his capital contribution to the partnership.
3. As to Management
 Managing Partner – one who manages actively the business of
the partnership.
 Silent Partner – one who does not participate in the management
of the partnership affairs.

Where to register partnership?

The partnership and corporation should be registered in Security Exchange
Commission (SEC). The Securities and Exchange Commission (SEC) or the
Commission is the national government regulatory agency charged with
supervision over the corporate sector, the capital market participants, the
securities and investment instruments market, and the investing public.
Created on October 26, 1936 by Commonwealth Act (CA) 83 also known as
The Securities Act, the Commission was tasked to regulate the sale and
registration of securities, exchanges, brokers, dealers and salesmen.
Subsequent laws were enacted to encourage investments and more active
public participation in the affairs of private corporations and enterprises, and
to broaden the Commission’s mandates. Recently enacted laws gave greater
focus on the Commission’s role to develop and regulate the corporate and
capital market toward good corporate governance, protection of investors,
widest participation of ownership and democratization of wealth.

SEC is the registrar and overseer of the Philippine corporate sector; it

supervises more than 500,000 active corporations and evaluates the
financial statements (FS) filed by all corporations registered with it. SEC also
develops and regulates the capital market, a crucial component of the
Philippine financial system and economy. As it carries out its mandate, SEC
contributes significantly to government revenues.
Corporation
A corporation is an artificial being created by operation of law, having the
right of succession and the powers, attributes and properties expressly
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Forms of Business Organization

authorized by law or incident to its existence. (Section 2. Corporation Code of

the Philippines).
Characteristics of a Corporation
1. Separate Legal entity (Artificial being) – A corporation is an
artificial being with a personality that is separate from that of its
individual owners. Thus, it may, under its corporation name, take,
hold or convey property to the extent allowed by law, enter into
contracts and sue or be sued.
2. Created by operation of Law – A corporation is generally created by
operation of law. The mere agreement of the parties cannot give rise
to a corporation.
3. Right of Succession – A corporation has the right of succession.
Irrespective of the death, withdrawal, insolvency, or incapacity of the
individual members or stockholders and regardless of the transfer of
their interest or shares of the stock, a corporation can continue its
existence up to the period of time stated in the articles of
incorporation but not to exceed 50 years.
4. Powers, attributes, properties authorized by law – A corporation
has only the powers, attributes and properties expressly authorized
by law or incident to its existence. Being a mere creation of law, a
corporation can exercise powers provided by law and those powers
which are incidental to its existence.
5. Ownership divided into shares – Proprietorship in a corporation is
divided into units known as shares of stocks. The buyers of this stock
are called stockholders and are considered as owners of the business.
6. Board of Directors – Management of the business is vested in a
board of directors elected by the stockholders. The board of directors
is the governing body or decision making body of the corporation. The
Corporation Law provides that the number of directors be not less
than five but more than fifteen.
Advantages of a Corporation
1. Limited liability for the owners. Since a corporation is a separate
and distinct legal entity, owners of a corporation are only indebted to
the extent of their interest in the corporation. This means that the
creditors of a corporation can only run after the assets of the
corporation and not the personal assets of the stockholders in the
settlement of the corporation’s debts and obligations. In other words
stockholders enjoy a “shield” from most creditors.
2. Shares of ownership are transferable. The shares of stock or
interest of a publicly traded corporation can be traded easily though a
stockbroker. Shares of corporations are freely transferable except
when shareholders have “buy-sell” agreements restricting when and
to whom share may be sold or transferred. Securities laws and
regulations may also limit the transferability of certain shares. For

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 non-publicly traded corporations, the stock certificate can be
transferred or assigned to another owner by executing a deed of
assignment of shares of stock.
3. Continuity. The corporation’s power of succession enables it to enjoy
a continuous existence. The life-span of a corporation is 50 years, and
subject to renewal for another 50 years. The death, withdrawal of
some officers and members does not affect the existence of the
corporation. Unlike a sole proprietorship and partnership, the death
of a stockholder will not terminate the corporation. The corporation
will continue as a separate and distinct legal entity and the shares of
its interest can be transferred from one owner to another owner.
4. It attracts more investors. Corporations attract investors because of
its stock structure, perpetual existence, ownership transferability, and
limited liability. Attracting more investors allows a corporation to
raise more capital or equity to manage and expand their operations.
Furthermore, because of a more regulated form of corporation and
the fiduciary duties of its board of directors, it earns more trust and
confidence not only from investors, but also from its employees,
creditors, suppliers, customers and other outside stakeholders.
5. Centralized Management. As can be gleaned from Sec. 23 of
Corporation Code “It is the board of directors or trustees which
exercises almost all the corporate powers in a corporation. ”Firmev.
Bukal Enterprises and Dev. Corp., 414 SCRA 190 (2003). The exercise
of the corporate powers of the corporation rest in the Board of
Directors save in those instances where the Corporation Code
requires stockholders’ approval for certain specific acts.
Disadvantages of a Corporation
1. Incorporation is costly. Incorporating a business needs to file with
the Securities and Exchange Commission (SEC) and may involve a lot
of formal and legal papers, such as by laws, articles of incorporation,
affidavit and board resolutions. This is sometimes done by getting the
service of a corporate attorney or firms which are specialized in
incorporating a business. It may also require higher amount of initial
or paid-up capital for other types of corporation like financing and
lending corporations. Furthermore, the amount of subscribed capital
is taxed with documentary stamp tax, which may result to additional
expenses to be incurred by the incorporators.
2. Corporations are highly regulated. Ordinary corporations are
regulated by the SEC. Special corporations may be required with
secondary licenses and are further regulated by other government
agencies, such as Bangko Sentral ng Pilipinas (BSP) for financing and
lending companies, Commission on Higher Education (CHED) for
companies operating secondary schools and Insurance Commission
(IC) for insurance companies.
Moreover, corporations also need to comply with the quarterly or
annual reportorial requirements with the SEC and other agencies
requiring those reports for certain types of corporations. This also
means that the more compliance it requires, the more paper works
and cost it involves. And when there are more to comply, bigger
penalties are awaiting to be paid if they are not complied.
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3. Limited liability may discourage creditors. The limited liability

feature of the corporation can be an advantage for stockholders.
However, it can also be a disadvantage when a corporation doesn’t
have a good financial condition and performance. Because of the
limited liability, a corporation with a low credit score may discourage
creditors to lend their money to the corporation.
4. It may result to double taxation. Since the corporation is already
taxed on its income, distributing this income to shareholders in the
form of dividends may result to double taxation. Dividends income
received by the shareholders are subject to final 10% tax and
shareholders is also taxed on their personal income tax returns.
5. It is not easy to dissolve. Corporations are difficult to dissolve as it is
also difficult to form. Everything is regulated from formation, to
operation, and to dissolution. An application for dissolution must be
filed with the S.E.C with complete requirements, including tax
clearance with the Bureau of Internal Revenue. The liquidation
process is also regulated to ensure that the rights of any creditor
having a claim against it are not prejudiced.
Classification of Corporation
1. As to membership holdings
 Stock Corporation – a private corporation in which the capital is
divided into shares of stock and is authorized to distribute
corporate earnings to holders on the basis of shares held. The
owners of a stock corporation are called stockholders or
shareholders. Examples of Stock Corporation in the Philippines
are: Manila Electric Company (Meralco), San Miguel Corporation
(SMC), Globe, Jollibee, SM Prime Holdings (SMPH)and more..
 Non-stock Corporation – a private corporation in which capital
comes from fees paid by the individuals composing it. The owners
of the non-stock corporation are called members.
2. As to purpose
 Public Corporation – a corporation that is organize to perform a
governmental function or to operate under government control
such as government controlled corporations and statutory
corporations.
 Private Corporation –a corporation that is organized for a
private benefit, aim or end.
 Quasi-public Corporation – a private corporation which is given
a franchise to perform functions of a public character. Classified
under this type are the so called public utility corporations such as
MERALCO and PLDT.
3. As law of creation
 Domestic Corporation – a corporation that is organized under
Philippine Laws. Note: issues of intra-corporate nature are
governed by Philippine law.
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  Foreign Corporation – those formed, organized or existing under
any laws other than those of the Philippines and whose laws allow
Filipino citizens and corporations to do business in its own
country or state.
4. As to extent of membership
 Open Corporation – a corporation whose ownership is widely
held by many investors usually a private stock corporation.
 Closely held corporation or Family Corporation – a private
corporation in which 50% or more of its stock is owned by five (5)
persons or less.

Components of Corporation
1. Incorporators – they are the persons who originally formed the
corporation and whose names appear in the Articles of Incorporation.
They must be natural persons as distinguished from artificial persons
2. Stockholders or shareholders – they are the corporators of a stock
corporation.
3. Members – they are the corporators of non-stock corporation.
Organizing a Corporation
The process of organizing the corporation generally consists of three stages
which normally require the aid of legal, competent advisers.
1. Promotion – the incorporators make preliminary arrangements to
set up a tentative working organization and to solicit subscription to
raise sufficient capital for the business.
2. Incorporation – the process of formalizing the organization of the
corporation. This stage includes:
Drafting the articles of incorporation which must be duly executed
and acknowledge before a notary public.
 Filing the articles of incorporation with the Securities and
Exchange Commission (SEC) together with the statement
showing that at least 25% of the total authorized capital stock
has been subscribed and that at least 25% of the total
subscription has been paid.
 After the required fees have been paid and upon approval of
the articles of incorporation, the SEC issues a certificate of
incorporation, the date of which being considered as the date
of registration or incorporation.
3. Commencement of Business
The business should start within two years from the date of
incorporation. Failure to do so will automatically dissolve the
corporation without the need for a hearing.
How to register see http://www.sec.gov.ph/forms-and-
fees/primary-registration/
Cooperative
A cooperative is a business organization owned by a group of individuals
and is operated for their mutual benefit. The persons making up the
group are called members.
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A co-operative is a separate legal entity and members, directors,

managers and employees are not liable for any debts incurred unless they
are the result of recklessness, negligence or fraud. A co-operative usually
only allows a limited distribution of profits to members (some don’t allow
any). This business structure encourages a democratic style of
management and promotes the concepts of sharing resources and
delegation to increase competitiveness.
Advantages of Cooperative
1. Generally inexpensive to register.
2. All members must be active in the co-operative.
3. Members have an equal vote at general meetings regardless of their
level of investment or involvement.
4. Other than directors, members can be aged under 18 years. These
members cannot stand for office and don’t have voting rights.
Disadvantages of Cooperative
1. As co-operatives are formed to provide a service to members rather
than a return on investment, it may be difficult to attract potential
members seeking a financial return.
2. There is usually limited distribution of profits to members and some
co-operatives may prohibit the distribution of any surplus.
3. Members providing greater involvement or investment than others
will still only get one vote.
4. Requires ongoing education programs for members.
Glossary
Dissolution termination of a corporation.
Distributions payment by a business entity to its owners of items such as
cash assets, stocks or earnings.
Dividends distribution of earnings to owners of a corporation in cash, other
assets or the corporation, or the corporation's capital stock.
Entity a person, partnership, organization, or business that has a legal and
separately identifiable existence.
Equal protection of the law (legal term) the right of all persons to have the
same access to the law
Liability (legal terms) liability means legal responsibility for one's acts or
omissions. Failure of a person or entity to meet that responsibility leaves
him/her/it open to a lawsuit for any resulting damages or a court order to
perform (as in a breach contract or violation of statute).
Proprietor an individual or person who is single proprietorship.
Represent to act as the agent for another.
Stockholder a person who own s shares of Stock in a Company
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 Stocks certificate paper evidence of ownership in a corporation. the
certificate would indicate the type of stock (common, preferred), any
restrictions pertaining to the sale of the stock, the number of shares, the par
value, etc.
Tax charge levied by a governmental unit of income, consumption, wealth, or
other basis.
Voidable contract that can be annulled by either party after it is signed
because of fraud, incompetence, or another illegality exists or because a right
of rescission applies.

References
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Inc. 2017 C.M. Recto Avenue, Manila Philippines.
Manuel, Z.V., (2017), "Accounting Process, Basic Concepts and Procedures,
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Atty. Fred (2007 December 18). Forms of Business: Sole Proprietorship,
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Marshall, D. (20 August 2003), Bookkeeping Tutorial.
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https://www.slideshare.net/IvanMonforte/corporations-code-of-the-
philippines-ateneo-reviewer(last accessed:4/10/2017)
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philippines-ateneo-reviewer (last accessed 4/10/2017).
Unknown, (2005), Law on Partnership.
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