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Department of Trade and Industry (DTI)
- The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
- The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business.
- A distinct disadvantage, however, is that the owner of a sole proprietorship remains personally liable for all the business’s debts. So, if a sole proprietor business runs into financial trouble, creditors can bring lawsuits against the business owner. If such suits are successful, the owner will have to pay the business debts with his or her own money.
There are two types of partnerships: General Partnerships and Limited Partnerships (LPs).
In a General Partnership
- each partner can incur obligations on behalf of the partnership, and each assumes unlimited liability for the partnership’s debts. For example, if the partnership owns a truck, and the truck strikes and injures a pedestrian, each partner is personally liable for any damages or judgments.
- While the general partner wields most of the power, they also bear the lion’s share of the liability.
In a Limited Partnership
- there is usually just one general partner (although there can be more). The other partners are called “limited partners.” The general partner has full management responsibility runs the day-to-day operations of the business.
- A limited partner cannot incur obligations on behalf of the partnership and does not participate in the firm’s daily operations or management. In fact, a limited partner’s role usually involves nothing more than making an initial capital investment in exchange for a share of the firm’s profits.
- A limited partner’s liability, on the other hand, cannot exceed their financial contribution to the partnership. So, if a truck owned by a limited partnership accidentally injures someone, the damaged party could go after the general partner’s personal assets but could only go after a limited partner’s actualinvestment in the partnership.
As a result, a limited partnership offers two key advantages: It gives the general partner the freedom to run the business without interference, and it protects the limited partners if something goes wrong. Limited partners may choose to get more involved in a partnership’s daily operations, but they do so at their own risk. In the eyes of the law, their involvement may make them a general partner and strip them of their limited liability.
Domestic Stock Corporation
- Requires a minimum of 5 incorporators, each of whom must be actual persons that must hold at least a single share in the company.
- Majority of the incorporators must be Filipino residents.
- A Corporation may have between 5 and 15 directors (or trustees if a non-stock corporation), each of whom must hold at least one qualifying share of stock.
- Majority of the directors (or trustees) must be Philippine residents, but not necessarily citizens.
- All Domestic Corporations obtain their license from and are registered with the Securities and Exchange Commission. The SEC will require a prospective Corporation to reserve and register a name (offline and online options), submit proposed Articles of Incorporation and By-Laws which are compliant with the requirements of the Corporation Code of the Philippines, and meet the minimum capitalization requirements pertaining to the industry or business in which it is engaged.
Domestic Non-Stock Corporation
A non-stock corporation is a corporation that does not have owners represented by shares of stock. That type of corporation is called a stock corporation. Instead, a non-stock corporation typically has members, who are the functional equivalent of stockholders in a stock corporation (they have the right to vote, etc.) Non-stock corporations may also choose to have no members. The vast majority of not-for-profit corporations are non-stock corporations.
Religious Groups, Foundations, Associations, Charitable, Civic Service, Fraternal, Cultural, Educational, Chambers
- Foreign Owned Corporation
- Branch Office or Representative office