Business Organization Basics

Vocabulary flashcards covering the definitions and characteristics of different forms of business organizations, specifically sole proprietorships and partnerships.

Organization

A social unit of people that is structured and managed to meet a need or to pursue collective goals.

Sole proprietorship

A business owned by only one individual for the practice of trade or profession, also referred to as a "single proprietorship."

BTRCP

Bureau of Trade Regulation and Consumer Protect; the division of the DTI where a sole proprietorship must be registered.

DTI

Department of Trade and Industry; the government department responsible for the registration of sole proprietorships through the BTRCP.

Limited life

A disadvantage of a sole proprietorship where the business ceases to operate if the owner dies or becomes physically or mentally incapacitated.

Partnership

A form of business owned by two or more persons pooling their resources together as a common fund.

Articles of Partnership

A written document that outlines the details of the arrangement between the partners in a partnership.