Forms of business

The choice of the form of business or business organization depends on various factors. In certain business, like banks, the law requires that the business entity must be a corporation. A small business, like your friendly sari-sari store, is better off as a sole proprietorship, although it could also be converted to another form of business if the circumstances require that shift.

Questions on unit 2:

1. What is business?

2. What business classification do you know?

3. What forms of business do you know?

4. What is the difference between public and private company?

5. What types of partnership do you know? What is the difference between them?

6. What is sole trade? What are the advantages of it?

7. Compare different forms of business. What is the most optimal one for you to start? Why?