Business Structure

Aside from the type of scale of products and services you want to offer, the way your business is organized also determines the ownership structure and owners liability. There are four types of business. Here are the followings.

1. Sole Proprietorship. You as the sole proprietors, usually invest your own time and money, and are the only liable for the business debts and obligations.

2. Partnership the business is own by two or more partners, who share the business capital, powers and responsibilities and liabilities. It has a legal entity separate and distinct from that of the owners. The partnership is terminated when a partner dies or leaves the business.

3. Corporation Capital is raised by selling stocks, or shares in company ownership. The corporation's debts are separate and not transferable to its shareholders. In the Philippines a corporation requires at least five incorporators. It continues to exist and operate even when its owners change.

4. Cooperative. Control is shared equally by its members. A cooperative has limited liability, i.e. the liability of each member cannot be more than his investment or contribution into the co-op. A cooperative is an autonomous organization and cannot be dominated by a single entity or a group.

So here you go before you start your business at least you know what type of business you are in.

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