Quiz 1: MODIFIED TRUE OR FALSE: Write true if the statement is correct or change
to the correct answer if the underlined word/statement is incorrect 2 points per item.
1. The simplest type of business is partnership.
2. Corporations must have a minimum of 10 and a maximum of 15 shareholders.
3. A corporation structure is the most advantageous way to start a business
because the business exists as a joined entity to its investors.
4. General partnerships do not require a formal agreement-partnerships can be
verbal or even implied between the two business owners.
5. Limited partnerships require an informal agreement between the partners.
6. A cooperative is voluntary and has open membership.
7. In case of losses, responsibility for paying liabilities is divided equally by the
members.
8. The corporation should be DTI-registered, with a minimum paid up capital of
P5,000.
9. The Civil Code of the Philippines treats a partnership as a separate entity.
10. Foreigners are allowed to own a sole proprietorship business in the
Philippines​