How Do I Start Making My Business Legal?

7/30/2019 How Do I Start Making My Business Legal?

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HOW DO I START

MAKING MY BUSINESS

LEGAL?

ITS ADVANTAGES AND

DISADVANTAGES


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.CHOOSE AT LEAST THREE NAMES

It is recommended that you choose at least

three names to represent your business just

in case the first name is already taken or not

approved. Check the online facilities of DTIto make sure that the names is still available.

Visit their website : www.dti.gov.ph You may

even transact via online payment facilities ormobile phone services.
http://www.dti.gov.ph/http://www.dti.gov.ph/


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THE MANDATORY GOVT. AGENCY THAT A START

UP BUSINESS NEEDS TO REGISTER WITH:

AGENCY WHAT

DEPARTMENT OF TRADE

AND INDUSTRY (DTI)

This is where you register if your enterprise is a single

prop. The agency will issue a certificate of reg. of

biznes name.

Barangay Hall You register with the specific barangay in themunicipality or city where you operate a business.

This office will issue Barangay Clearance Certificate.

Local Govt. Unit (LGU) You register with the municipality or city where you

will set up your biznes. This office will issue the

business permit

BUREAU OF INTERNAL

REVENUE (BIR)

You register your business with this office and apply

for your biznes taxpayers identification no. TIN,

registration of books of accounts and authority to

print. (TIN no. is the same with your personal TIN if u

hav any


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IF YOU NEED PARTNERS MY ONLY ADVICE TO

YOU IS :

LIMIT THE NUMBER OF PRIMARY PARTNERS TO

THOSE THAT CONTRIBUTE COMPETENCE AND

CAPABILITY TO THE NEW COMPANY

FINANCING SHOULD NOT BE THE SOLE CRITERIA FOR

PARTNERSHIP

Your partners must agree and contribute to the goals of the

new company. You must be aware of the varying motives of

your business partners.

Remember that each member of the new company must

add day to day value ( initially operation and marketing) to

the enterprise other than money


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LISTS OF ADVANTAGES & PECULIARITIES OF BIZNES ORGANIZATION

SOLE PROP PARTNERSHIP CORPORATION

Ownership Individual Two or More Five or More

Liability Unlimited Personal

Liability

Unlimited Partners

Liabilities

Up to subscribed

capital only

Cost of starting theBiznes

Fees for trade name Fees for name,articles ,taxes etc;

Fees for name,articles,taxes, etc:

Continuity of Biznes Death Dissolves

biznes (only in paper)

Partner death or

withdrawal

Has a corporate

veil/existence

Transferability of

Business/shares

Anytime upon owners

decision

Upon partners

consent

Can sell/buy within

SEC ruleCapital requirements Loan or owners

money

Loans or partners

money

Loan, stock, call,

public offering

Management Control Full control Equal control Majority wins, day to

day mgmt.

Sharing Profit &

Losses

All his own Depends on partners

sharing

Dividends & no. of

shares


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