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Partnershi

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Forms of Business
Organization
Partnership
Refers to an association
of two or more persons
to carry on as co-owners
of a business for profit.
By contract of partnership,
two or more person bind
themselves to contribute
money, property, or industry
to a common fund with the
intention of dividing the
profits among themselves
Advantag
es
Easy to form, subject to less
government requirements
Suited to the practice of a
profession
Some are exempted from tax
Flexibility of operation
Disadvantag
Unlimited liability of the
es
partner for the debts of
the partnership
Limited term of
existence
Partnership is voluntary
association of two or more
persons. This type of
business is easy to form.
Professional partnership
are a pool of talents and
The partners compliment
each other
Guided by law and codes of
ethics, they are responsible,
individually and collectively,
to their, clients, patients, and
customers.
Article 1767 of
the Civil Code Of
the Philippines
Contracts whereby two
or more persons bind
themselves to contribute
money, property or
industry to a common
fund with the intention of
dividing the profits
Classification of
Partnership
Marketing or
trading
Manufacturing
Marketing or
Trading
Engage in buying of
goods and selling at
the same time without
changing in form of the
product.
Manufacturi
ng raw
Purchases
materials and
converts them into
finished product
Rendering
professional or
nonprofessional
services.
Classes of
Partners
General partners
Limited partner
General-limited
partner
The one who is liable for
partnership debts to the
extend of his personal
property after all the
partnership assets have been
One whose liability
for partnership debts
is limited to his capital
contribution
The one who has all rights,
powers, and subject to all the
restrictions of a general
partners whose liability is
limited to his general
Classes of
Partners
Capitalist partner
Industrial partner
Capitalist-
industrial partner
The one who
contributes money or
property to the
capital of the
The one who
contributes his work,
labor, or industry to
the partnership
Capitalist-Industrial
Partner
One who contributes
money or property as well
as his work or industry to
the partnership
Cannot engage in business for
himself, unless partnership
expressly permits him to do so; and
if he should do so without express
permission, the capitalist partners
may either exclude him from the
firm , or avail themselves of the
benefits that he may have obtained
with a right to damages in either
Choose your
answer from the
words inside the
box. Answer may be
.Service .Profit
.Trading .Corporation
.Sole proprietorship .Partnership
.General partner
.Capitalist partner
.Industrial partner
.Limited partner
1.______ is a business
owned by one
person.
2. ______ is a business
owned by two or
3. ______ is a type of business
provided by doctors,
dentists, accountants,
lawyers, among others.
4.______ business buys goods
and sells them as is.
5. ______ business
converts raw materials
to finished goods.
6. ______ primary goal
of a business.
7. The one who is liable
for partnership debts to
the extend of his personal
property after all the
partnership assets have
been exhausted
8. The one who
contributes money
or property to the
capital of the
partnership.
9. The one who
contributes his
work, labor, or
industry to the
partnership
10. One whose
liability for
partnership debts is
limited to his capital
contribution