W1 Flashcards
is an organization that provides goods and services to earn or maximize a profit.
Business
an organization engaged in producing and selling, at a profit, goods and services that consumer’s needs and wants.
Business
Produce goods and services.
Business
Seek profit.
Business
Try to satisfy consumer’s needs and wants.
Business
Forms of Business Organizations
I. Sole Proprietorship
II. Partnerships
III. Corporation
IV. Cooperative
sometimes called a “single proprietorship” is a business owned by only one person.
The business and the owner are inseparable.
Regulated by Department of Trade and Industry (DTI).
Sole proprietorship
Owned by 2 or more persons.
The detailed of the arrangement between the partners are outlined in a written document called articles of partnership.
DTI
Partnerships
DTI?
Department of Trade and Industry
is a business organized as a separate legal entity (artificial person) under the corporation law with ownership divided into transferable “shares of stocks”.
Corporation
The owners are called stockholders or shareholders.
Composed of at least 5 shareholders or more.
The voting rights of a shareholder is generally based on the percentage of ownership.
SEC
Corporation
SEC?
Securities and Exchange Commission
The detailed of the arrangement between the “partners” are outlined in a “written document” called
articles of partnership.
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”.
The members are expected to patronize their products and services.
CDA
Cooperative
CDA
Cooperative Development Authority
Importance of Business
Venue Providing opportunity to expand job opportunities
Contributes more national well being
Enlighten and Educate people
