![]() ![]() In the Philippines, however, the concept much later evolved from the Spanish law with the advent of the sociedad anonimas which are similar to the American corporations. Historical Background Corporations had their early beginnings in England and in Rome, developing as collective bodies and within our understanding of the present-day understanding definition of a corporation. A corporation is defined as an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incidental to its existence. It is a one-time grouping of 2 or more persons, natural or juridical, in a specified undertaking. A joint venture partakes the nature of a partnership contract and is created for the purpose of prosecuting a particular business transaction. ![]() By the contract of partnership two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves1 (3) Joint Venture. One conducted for profit by a single individual who owns all the assets, suffers all the losses and enjoys all the profits to the exclusion of the others. Kinds of Business Organizations In the Philippines, there are four known kinds of business organizations: (1) Sole Proprietorship, (2) Partnership, (3) Joint Venture and (4) Corporation. General General and special laws are passed and enacted to formalize and enacted to formalize rules relating to the manner, mode or procedure by which such economic endeavor may be undertaken or conducted such as the Constitution, the Revised Corporation Code, the Civil Code and other special laws prescribing the manner and providing for qualifications, and/or disqualifications relating to the operations and ownership of certain business concern, b. MERCANTILE LAW CORPORALATION LAW BUSINESS ORGANIZATIONS II PART I A. ![]()
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