PTT 6

Question 1

is the simplest structure owned by
only one person responsible for taxes and liability.

Answer 1

Sole Proprietorship:

Question 2

A structure shares ownership between you and one or more business partners, meaning that liability, workload, and profits are typically shared.

Answer 2

Partnership:

Question 3

protects you from personal liability under most circumstances. This means that if your business is sued or if it declares bankruptcy, your personal assets, including your home and vehicle, won’t be at risk.

Answer 3

LLC: A LLC, or Limited Liability Company

Question 4

is legally a separate entity from its owner or owners.

Answer 4

Corporation:

Question 5

What to do to legalize your business

Answer 5

REGISTER YOUR BUSINESS NAME

TRADEMARK YOUR SLOGANS AND LOGOS

APPLY FOR A TAX ID NUMBER

OBTAIN BUSINESS PERMITS AND LICENSES

Protect Your Business with Insurance

HIRE AND CLASSIFY YOUR EMPLOYEES PROPERLY

COMPLY WITH LABOR LAWS

OPEN A BUSINESS BANK ACCOUNT

KEEP GOOD RECORDS

CONSULT THE PROFESSIONALS

Question 6

Steps to Legally Register and Operate a Business in the Philippines

Answer 6

Secure Business Name with the SECURITIES AND ,EXCHANGE COMMISSION (SEC)

Open Corporate Bank Account

Register with the Securities and Exchange Commission (SEC)

Register with the Bureau of Internal Revenue (BIR)

Register with the Social Security System (SSS)

Register with PhilHealth

Register with Pag-IBIG

Obtain a Mayor’s or Business Permit