4thrunn

Is the organized effort of

individuals to produce and/or

sell goods and services to

satisfy human wants and

needs for a profit

(a)  

• A business owned and managed by a

single person

• Ex: Sari – sari stores, market vendors

among others

(a)  

An association of at least 2 to 5 persons

who agree to place money, property and

industry in the common fund with the aim

of sharing profits among themselves.

• Ex: Law Firm, Accounting Firm, Medical

Clinic

(a)  

is one that provides

assets to be utilized as the starting

capital of the business.

(a)  

is one that swears

to give services or labor to the

operation of the business.

(a)  

is one that pledges money and

property.

(a)  

one who is liable for

partnership debts committed in business

(a)  

one whose liability is

limited to the extent of his capital

contribution.

(a)  

An artificial being created by

operation of law having the right of

succession and the power, attributes

and properties expressly authorized

by law or incident of its existence.

(a)  

shares or certificate of ownership in a

(a)