A Sole proprietor concern is free from regulation by

Sole proprietorship business owner has

What type of agreement is used to form a partnership business?

Common seal is used as

A company is a ___

Which type of legal system is based on a very detailed set of laws organized into codes?

What do you call the owner/s of a corporation?

They execute the corporation's business plan and must take all the means to do so.

What is Limited Liability ?

2. It is a meeting of minds?

3. It is the omission of that diligence which is required by the nature of the obligation and corresponds with the circumstances of the person ,time and place. (Art 1173)

What is a contract?

Immaterial alteration made in a written document or contract by one party without the consent of the other will make the contract

It is the most basic form of partnership. It does not require forming a business entity with the state. all partners have independent power to bind the business to contracts and loans. Each partner also has a total liability, meaning they are personally responsible for all of the business's debts and legal obligations.

Partners invest in the business for financial returns and are not responsible for its debts and liabilities. This silent partner limited liability means limited partners can share in the profits, but they cannot lose more than they've invested.

This is an essential element of the partnership. The partnership is the result of a contract. It does not arise from status, operation of law or inheritance. Thus, at the time of death of the father, who was a partner in the partnership firm, the son can claim a share in the partnership property but cannot become a partner unless he enters into a contract for the same with other persons concerned.

This essential element provides that the agreement to carry on business must be with the object of sharing profits amongst all the partners. Thus, there would be no partnership where the business is carried on with a philanthropic motive and not for making a profit or where only one of the persons is entitled to the whole of the profits of the business. The partners may however, agree to share the profits in any ratio they like.

The fifth element in the definition of partnership provides that the business must be carried on by all the partners or any (one or more) of them acting for them all,

Which is not true for a corporation

This is an Advantage of a Corporate Form Business in which It has continuity of existence. As distinguished from the partnership, it has a separate and distinct personality from the members composing it, unaffected by death, resignation, or insolvency of any of its stockholders or members.

– In a corporate setting, as a general rule, the shares of stocks can be transferred without the consent of the other stockholders.

The board of directors and Shareholders are not agents of the corporation, nor can they bind the corporations.

In corporation, the control belongs to the Board of Directors. There is also a limited liability on the part of shareholders. On the contrary, the owner in the sole proprietorship is in command of the whole business and stands to lose as much as he pits in and even more to the extent of all his personal holdings.

Corporation has a stronger legal personality, enabling it to continue despite the death, insolvency or withdrawal if any of its stockholders or members.

This type of corporation is formed or organized for the government of a portion of the State. Example: municipality for government functions.

Corporation is a cross between private corporations and public corporation. Examples: School districts, water districts, PLDT.

All the members or corporations exercise their right to vote to elect the directors and other officers of the corporation; the stocks are open for public subscription.

Those who failed to comply with one or two legal requirements of the law

It is a corporation which complied with the requirements of the Law

Under Article 1156 of the Civil COde of the Philippines. The debtor is obliged to deliver the movable or immovable thing to the creditor, which means their

Under Article 1156 of the Civil COde of the Philippines. all kinds of works or services, whether physical or mental is covered here. Example Contract for events organizing, professional services like painting, modeling, singing

Under Article 1156 of the Civil COde of the Philippines. this means refraining from doing some acts like the obligation of a building proprietor to refrain from committing nuisance through noise, offensive odor, smoke, heat, etc.

Kinds of Obligation as to Judicial Enforceability. This is an obligation, which if not fulfilled when becomes due and demandable, may be enforced in court thorough action.

Kinds of Obligation as to Judicial Enforceability. This is a special kind of obligation which cannot be enforced in court but which authorizes the retention of the voluntary payment or performance made by the debtor

a valid contract because it contains all of the essential requisites prescribed by law, bit which is defective die to injury or damage of either of the contracting parties or to third persons as a consequence of which it may be rescinded by means of a proper acion for rescission.

It is a contract which is valid until annulled.

Contract. Those that cannot be enforced by a proper action in court UNLESS they are ratified (approved).

It is considered to be inexistent by the operation of law.