It's all about how you think. Basically each statement returns TRUE or FALSE for each row. In your reduced code you have these statements:
TEXT LIKE '%search'
TITLE
COMPANY NOT LIKE '%search%'
The first and last will return true or false. The one in the middle won't, meaning that it is not a complete statement. Same in your last query:
TEXT LIKE '%search%'
'%search2%'
'%search3%'
The first will return a valid result, the others won't. But there is an easy way out. Just type the whole statements.
What I don't understand is why people want to do this. It probably takes longer to first search, make a good question and read answers than the time saved by just typing the whole queries.