THE CORPORATION CODE OF THE PHILIPPINES (Batas Pambansa Big. 68.) Introduction Different forms of business organization. With the development of business enterprise, there has been a gradual evolution in the form of business organization. Various influences and considerations enter into the selection of the busi- ness form for any particular business enterprise. (1) Individual proprietorship. — The primitive form of business is, of course, that of the individual proprietor. The individual, as a rule, operates a small business, usually with the limited capital, and is responsible alone for its success or failure. (2) Partnership. — The partnership is the first step towards a wider field of operation and a more complex organization. Often, it is a family affair. The business of the individual grows too large for his sole management and he takes his son or some other member of the family into partnership. In other cases, two men in the same business unite their capital in order to secure ad equate capital for the conduct of their business. Whatever the motive and the circumstances, the partnership is almost invariably a larger business unit than the proprietor- ship. It is common in retail trade, in the professions, and to a limited extent, among manufacturing establishments. As a form of business organization, it is losing ground. (3) Joint stock company. — The joint stock company is a form of business organization at one time frequent in connection with l