Sole Proprietorships

Single ownership

One-man control

No legal entity

Unlimited liability

No profit-sharing

Small size

No legal formalities

Partnerships

Two or more persons

Agreement

Lawful business

Sharing of profits

Mutual agency

Utmost good faith

Unlimited liability

Restriction on transfer of interest

Corporation

Separate legal existence

Limited liability of stockholders

Transferable ownership rights

Ability to acquire capital

Continuous life

Government regulations

Additional taxes

Corporate management
Cooperative

Open membership

Voluntary association

State control

Sources of finance

Democratic management and control

Service motive

Separate legal entity

Distribution of surplus (Profit)

One man vote

Religious and political neutrality

Capital

FILIPINO TIME

Filipinos have their already coined the term “Filipino Time” which is synonymous to being late. This trait
is used as an excuse for being tardy in meetings, events, and other social affairs, whether formal or
informal. It reflects unprofessionalism and lack of respect for other people’s time.

PADRINO SYSTEM

Padrino system or patronage happens when one gain favor, promotion, or political position through
family affiliation or friendship, as opposed to earning it due to one’s own skills and abilities.

UTANG NA LOOB

Utang na loob or indebtedness in gratitude is the concept of paying back a person in nonmonetary
terms. The good deed that has been received will be paid back with a good deed as well.

SUKI SYSTEM

“Suki” is a filipino term which means “loyal customer.” Though a suki relationship usually takes time and
many business transactions to be solidified, suggesting a suki like relationship and backing it up with
concessions could be used as a measure to build trust and at the very least hasten the development of a
suki like arrangement.
BAHALA NA

Bahala na has been loosely translated as “come what may.” Hence, it is referred to as the Filipino
version of fatalism that is, leaving everything in the hands of fate. Bahala na is an attitude of just letting
things happen instead of doing something to make things happen is not a genuine “Bahala na value.”

MANANA HABIT (PROCRASTINATION)

Manana habit comes the Spanish word “manana” wich literaly means “tomorrow” or “an unspecified
future time.” Hence, manana habit, refers to procrastination, or putting off for tomorrow tha can be
done today.

AMOR PIO

Amor pio is a spanish word wich means self-love; a sense of self-steem or self-respect that prevents a
person from swallowing pride. Amor pio is a part of the Filipino culture. The Filipino people are super
sensitive to the emotional imperatives that guide asal or conduct (behavior). Delicadeza and Amor pio
are two damdamin (emotional norms) that governs our sense of propriety and self-esteem.

 FILIAL PIETY

Filial piety is a virtue of respect for one’s parents, elders, and ancestors. Filial piety is important concept
in Filipino culture. It is understand as essential to maintain the collective face of the family and to avoid
experiencing hiya.

HIYA
Controls a large extent on the behavior of each individual. Also being dependent on others will think,
say, and do. Because of hiya, a Filipino cannot say “NO” even it is against his will to do what is being
requested.

AUTHORITARIANISM

It is the dependence of the Filipinos in a paternalistic rather than a stern way upon the elders of the
family, upon their boss. If employed, people in authority act as their father figure. Commonly practiced
in a Filipino family which basically is a patriarchal nature.