a. Sole Proprietorship b. Partnership c. Corporation

Form of business ownership, whereby only one person owns the business and as such shall be liable for all the debts and shall be responsible for all its obligations.

• The partners are liable for the actions and inactions of their co-partners • Easier to dissolve • If the partnership is unable to pay the debts, the personal assets of the general partners can be secured by the creditor. • Internal conflicts can occur making it difficult to ascertain direction of the business • Personal interests of one or more partners may take precedent over the interest of the business as a whole

• The partners are liable for the actions and inactions of their co-partners • Easier to dissolve • If the partnership is unable to pay the debts, the personal assets of the general partners can be secured by the creditor. • Internal conflicts can occur making it difficult to ascertain direction of the business • Personal interests of one or more partners may take precedent over the interest of the business as a whole

• Solely liable to all debts and obligations of the business • Burdensome because all decisions and undertakings are to be carried out by the proprietor alone. • Limited resources for capitalization • Business shall be dissolved upon the death, illness, condition or the will of the proprietor.

Form of business ownership, whereby only one person owns the business and as such shall be liable for all the debts and shall be responsible for all its obligations.

• The partners are liable for the actions and inactions of their co-partners • Easier to dissolve • If the partnership is unable to pay the debts, the personal assets of the general partners can be secured by the creditor. • Internal conflicts can occur making it difficult to ascertain direction of the business • Personal interests of one or more partners may take precedent over the interest of the business as a whole

• The partners are liable for the actions and inactions of their co-partners • Easier to dissolve • If the partnership is unable to pay the debts, the personal assets of the general partners can be secured by the creditor. • Internal conflicts can occur making it difficult to ascertain direction of the business • Personal interests of one or more partners may take precedent over the interest of the business as a whole

1.To secure all necessary business permits and licenses 2.To register the business name with DTI 3.To pay appropriate taxes as provided for by the BIR 4.To pay all the debts and perform all obligations of the business

1.To secure all necessary business permits and licenses 2.To register the business name with DTI 3.To pay appropriate taxes as provided for by the BIR 4.To pay all the debts and perform all obligations of the business

• The partners are liable for the actions and inactions of their co-partners • Easier to dissolve • If the partnership is unable to pay the debts, the personal assets of the general partners can be secured by the creditor. • Internal conflicts can occur making it difficult to ascertain direction of the business • Personal interests of one or more partners may take precedent over the interest of the business as a whole

a. Sole Proprietorship b. Partnership c. Corporation

Form of business ownership, whereby only one person owns the business and as such shall be liable for all the debts and shall be responsible for all its obligations.

• Solely liable to all debts and obligations of the business • Burdensome because all decisions and undertakings are to be carried out by the proprietor alone. • Limited resources for capitalization • Business shall be dissolved upon the death, illness, condition or the will of the proprietor.

• Solely enjoys profit derived from business activities • Easier to decide the direction of the business or easy to stop its operation • Relatively requires minimal capitalization • Filing of taxes much simple than a corporation

a. Sole Proprietorship b. Partnership c. Corporation

1.To secure all necessary business permits and licenses 2.To register the business name with DTI 3.To pay appropriate taxes as provided for by the BIR 4.To pay all the debts and perform all obligations of the business

• The partners are liable for the actions and inactions of their co-partners • Easier to dissolve • If the partnership is unable to pay the debts, the personal assets of the general partners can be secured by the creditor. • Internal conflicts can occur making it difficult to ascertain direction of the business • Personal interests of one or more partners may take precedent over the interest of the business as a whole

Form of business ownership, whereby only one person owns the business and as such shall be liable for all the debts and shall be responsible for all its obligations.

• The partners are liable for the actions and inactions of their co-partners • Easier to dissolve • If the partnership is unable to pay the debts, the personal assets of the general partners can be secured by the creditor. • Internal conflicts can occur making it difficult to ascertain direction of the business • Personal interests of one or more partners may take precedent over the interest of the business as a whole

• Solely liable to all debts and obligations of the business • Burdensome because all decisions and undertakings are to be carried out by the proprietor alone. • Limited resources for capitalization • Business shall be dissolved upon the death, illness, condition or the will of the proprietor.

• The partners are liable for the actions and inactions of their co-partners • Easier to dissolve • If the partnership is unable to pay the debts, the personal assets of the general partners can be secured by the creditor. • Internal conflicts can occur making it difficult to ascertain direction of the business • Personal interests of one or more partners may take precedent over the interest of the business as a whole

• Can be formed by mere consent of the parties • Decisions are easier reached • More sources of capital

Form of business ownership, whereby only one person owns the business and as such shall be liable for all the debts and shall be responsible for all its obligations.