Mang Baysa grumbled: “But now we have annual meetings, board resolutions, and audited reports. And I can’t just decide alone — the board votes!” By harvest season 2018, the corporation thrived. They raised more capital by selling shares to the whole barangay. They even hired a lawyer to ensure compliance.

In a corporation, who manages the business? Answer: The Board of Directors, elected by shareholders.

What type of business organization did Baysa and Nena first form? Answer: General partnership — formed by mere agreement, with mutual agency and unlimited liability.

What is the main disadvantage of a partnership shown in the story? Answer: A partner can bind the partnership without the other’s consent (mutual agency), and each partner is personally liable for all debts (unlimited liability).