for ABM students

1. Partnershi
p
Forms of Business
Organization

2. Partnership
Refers to an association
of two or more persons
to carry on as co-owners
of a business for profit.

3. 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

4. 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

5. Disadvantag
esUnlimited liability of the
partner for the debts of
the partnership
Limited term of
existence

6. 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

7. The partners compliment
each other
Guided by law and codes of
ethics, they are responsible,
individually and collectively,
to their, clients, patients, and
customers.

8. Article 1767 of
the Civil Code Of
the Philippines

9. 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

10. Classification of
Partnership
Marketing or
trading
Manufacturing

11. Marketing or
TradingEngage in buying of
goods and selling at
the same time without
changing in form of the
product.

12. Manufacturi
ngPurchases raw
materials and
converts them into
finished product

13. Rendering
professional or
nonprofessional
services.

14. Classes of
PartnersGeneral partners
Limited partner
General-limited
partner

15. The one who is liable for
partnership debts to the
extend of his personal
property after all the
partnership assets have been

16. One whose liability
for partnership debts
is limited to his capital
contribution

17. The one who has all rights,
powers, and subject to all the
restrictions of a general
partners whose liability is
limited to his general

18. Capitalist partner
Industrial partner
Capitalist-
industrial partner
Classes of
Partners

19. The one who
contributes money or
property to the
capital of the

20. The one who
contributes his work,
labor, or industry to
the partnership

21. Capitalist-Industrial
Partner
One who contributes
money or property as well
as his work or industry to
the partnership

22. 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

23. Choose your
answer from the
words inside the
box. Answer may be

24. .Service .Profit
.Trading .Corporation
.Sole proprietorship .Partnership
.General partner
.Capitalist partner
.Industrial partner
.Limited partner

25. 1.______ is a business
owned by one
person.
2. ______ is a business
owned by two or

26. 3. ______ is a type of business
provided by doctors,
dentists, accountants,
lawyers, among others.
4.______ business buys goods
and sells them as is.

27. 5. ______ business
converts raw materials
to finished goods.
6. ______ primary goal
of a business.

28. 7. The one who is liable
for partnership debts to
the extend of his personal
property after all the
partnership assets have
been exhausted

29. 8. The one who
contributes money
or property to the
capital of the
partnership.

30. 9. The one who
contributes his
work, labor, or
industry to the
partnership

31. 10. One whose
liability for
partnership debts is
limited to his capital
contribution