For our first lesson in Corporation Law, the professor discussed the 5 types of business enterprises we have here in the Philippines:
1. Sole Proprietorship - for individuals who conduct business by themselves. They are usually the owner at the same time the manager.
2. Partnership - by definition this is where two or more persons bind themselves to contribute money, property or industry to a common fund with the intention of dividing the profits among themselves. (I memorized that..hehe)
3. Corporation - this is the subject of our course so I'll discuss this as the lessons go on. But two things to remember: 1) it must be registered with the SEC; 2) Must comprise of at least 5 stockholders/shareholders.
4. Cooperative
1. Sole Proprietorship - for individuals who conduct business by themselves. They are usually the owner at the same time the manager.
2. Partnership - by definition this is where two or more persons bind themselves to contribute money, property or industry to a common fund with the intention of dividing the profits among themselves. (I memorized that..hehe)
3. Corporation - this is the subject of our course so I'll discuss this as the lessons go on. But two things to remember: 1) it must be registered with the SEC; 2) Must comprise of at least 5 stockholders/shareholders.
4. Cooperative
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