Paraphrase this Type of Organization Business name, is a general partnership, established and organized under Philippine laws. Within the organization, there are seven capital partners and two industrial partners who will be working together to attain the business goals and objectives. In the Philippines, a partnership is defined as a form of business organization wherein two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing the profits among themselves. In a general partnership, partners agree to be personally responsible for potentially unlimited liability. Moreover, it is a pass$-$through entity where income flows straight to the owners; each partner reports their share of partnership profits or losses on their personal tax returns. The partnership itself is not taxed. The founders have chosen this type of business structure for several reasons. Firstly, it is easy, most straightforward and least expensive to form. Secondly, having two or more people in the partnership, there would be more funding opportunities and efficient division of tasks. Having partners also results in sound decision making as each partner would have different perspectives. Lastly, partners$$ expertise and skills would be great contribution as well to maximize business growth. On the other hand, there are also drawbacks in forming a partnership. Since every partner has the right to make decisions on his own, disagreements may arise which could lead to potential conflicts between partners. In addition, the liability of the partners for the debts of the business is unlimited which can also lead to seizure of their personal assets. In line with this, partnership is not a separate legal entity from the business owner which menas partners are legally and financially responsible for the business.