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THE COMMON PROBLEMS IN BUSINESS ARISING FROM SOLE
PROPRIETORSHIP AND PARTNERSHIP AMONG
BUSINESSMEN IN TAGUM CITY
____________________
A Research Paper Presented to the Faculty of the College Department
____________________
In Partial Fulfilment of the Requirements in English 2A
____________________
By: Maghanoy, Laira M.
Luma-ad, Chriselle Mae P.
Lumotos, Flora Mae D.
Chapter 1
THE PROBLEM AND ITS SETTING Background of the Study
Sole proprietorship and partnership are forms of business organization which have one thing in common; they are businesses but they each serve their own purpose to the business world.
Sole Proprietorship is a form of organization that has a single owner called proprietor who generally is also the manager. Sole proprietorship tends to be small service-type (e.g. physician, lawyers and accountants) business and retail establishments. The owner receives all profits, absorbs all losses and is solely responsible for all debts of the business. Thus, the accounting records of the sole proprietorship do not include the proprietor’s personal financial records (Basic accounting made easy 2011 edition by Win Ballada, CPA).
On the other hand, Partnership is a form of organization that is being owned and operated by two or more persons who bind themselves. Each partner is personally liable for any debt incurred by the partnership. Accounting considers the partnership as a separate organization, distinct from the personal affairs of each other (Basic accounting made easy 2011 edition by Win Ballada, CPA).
Our study focuses on determining the common problems in business arising from sole proprietorship and partnership among businessmen in Tagum City or the obstacles, impediments, difficulties or challenges, or any situations that invite resolutions; the resolutions of which is recognized as solutions or contributions toward a known purpose or goal.
Business in the world today, either sole proprietorship or partnership,
PROPRIETORSHIP AND PARTNERSHIP AMONG
BUSINESSMEN IN TAGUM CITY
____________________
A Research Paper Presented to the Faculty of the College Department
____________________
In Partial Fulfilment of the Requirements in English 2A
____________________
By: Maghanoy, Laira M.
Luma-ad, Chriselle Mae P.
Lumotos, Flora Mae D.
Chapter 1
THE PROBLEM AND ITS SETTING Background of the Study
Sole proprietorship and partnership are forms of business organization which have one thing in common; they are businesses but they each serve their own purpose to the business world.
Sole Proprietorship is a form of organization that has a single owner called proprietor who generally is also the manager. Sole proprietorship tends to be small service-type (e.g. physician, lawyers and accountants) business and retail establishments. The owner receives all profits, absorbs all losses and is solely responsible for all debts of the business. Thus, the accounting records of the sole proprietorship do not include the proprietor’s personal financial records (Basic accounting made easy 2011 edition by Win Ballada, CPA).
On the other hand, Partnership is a form of organization that is being owned and operated by two or more persons who bind themselves. Each partner is personally liable for any debt incurred by the partnership. Accounting considers the partnership as a separate organization, distinct from the personal affairs of each other (Basic accounting made easy 2011 edition by Win Ballada, CPA).
Our study focuses on determining the common problems in business arising from sole proprietorship and partnership among businessmen in Tagum City or the obstacles, impediments, difficulties or challenges, or any situations that invite resolutions; the resolutions of which is recognized as solutions or contributions toward a known purpose or goal.
Business in the world today, either sole proprietorship or partnership,
References: Appendices A. Permit to Conduct a Study/ Letter B. Questionnaire with Answers Curriculum Vitae List of Figures Figure Page Conceptual Paradigm of the Study Map Where the Study was conducted