TARLAC STATE
UNIVERSITY
COLLEGE OF ARCHITECTURE AND
FINE ARTS
BMA 2- ACTIVITY 1
SET A
Instructor: AR. Paul Villegas
GROUP 3:
CRUZ, MARIE ROSSI
GUBAT, KAYLA SHAINA
LUIS, EL VINCENT
VERSOZA, ROLDAN REY
1. What form of business that is best for your needs?
The optimal business structure is based on personal needs, including financial req
uirements, tolerance for risk, and growth potential. It is advisable to seek the
advice of business advisors, lawyers, and accountants in deciding on this.Sole
proprietorships, partnerships, limited liability companies (LLCs),
corporations, and cooperatives are some of the most common types of
business entities. Each form has varying implications for taxes,
liability, capital raising, and paperwork.
Business Structures
Sole Proprietorship: This is the simplest form, owned and controlled by one
person, merging personal and business finances without liability protection. It is
easy to set up with minimal fees, but the owner is personally liable for business
debts.
Partnership: This involves two or more individuals who share responsibilities.
There are general partnerships, where all partners have unlimited liability, and
limited partnerships, offering limited liability to some partners.
Limited Liability Company (LLC): An LLC separates liability from ownership,
protecting personal assets from business debts and lawsuits. LLCs can choose
between pass-through or corporate taxation.
Corporation: This is an independent legal entity that can raise capital by selling
stocks. Corporations offer strong protection from personal liability but involve
more complex registration and operational processes. They are subject to
corporate tax, and profits may be taxed twice.
2. What are the requirements to register a business name?
an owner can apply for DTI business name registration if they meet these eligibility criteria:
Filipino citizens and foreign nationals at least 18 years old (Foreign nationals aged below
18 must submit proof that they come from a country where the legal age is lower than
18.)
Refugee or stateless persons
All applicants (except for those filing their application online) must download, print, and fill out
two copies of the Business Name Registration Form and present any of the following valid IDs:
Passport
Driver's license
UMID
PRC ID
NBI Clearance
Police Clearance (in ID form)
Postal ID
Voter's ID
OWWA ID
Seaman's Book
IBP ID
Senior citizen ID
PWD ID
Government office ID
Validated state college/university ID
3. Who should get a TIN as required by law to pay taxes in the Philippines?
The BIR mandates the issuance of a TIN to the following individuals and entities:
1. Employees – All individuals who earn income, whether through regular employment or
self-employment, are required to secure a TIN. This includes Filipinos and resident aliens
who work within the country.
2. Self-employed Individuals – Professionals, freelancers, and individuals engaged in
independent trades or businesses are also required to apply for a TIN. The application
process for self-employed individuals is slightly more involved than that for regular
employees, as it typically requires registering a business or trade with the BIR.
3. Corporations and Partnerships – All corporations, partnerships, joint ventures, and
other entities operating within the Philippines must secure a TIN upon registration with
the BIR. The TIN is used to track their income tax obligations and other financial
transactions.
4. Non-resident – Individuals who are not residents of the Philippines but earn income
from Philippine sources are required to apply for a TIN in order to comply with local tax
regulations.
5. Estate or Trust – The TIN is also required for estates and trusts that are taxable under
the law.
4. What are the requirements to register a Mayor's Business Permit in the
Philippines?
REQUIREMENTS TO REGISTER A MAYOR’S BUSINESS PERMIT IN THE
PHILIPPINES
1. Application form
2. Proof of Business Registration
3. Community tax Certificate
4. Barangay Business Clearance
5. Lease Contract
6. Basis for computing Taxes and Fees
7. Location Sketch
8. Health Card/Permit
9. First Safety Inspection Certificate
10. Sanitary Permit
11. Environmental Compliance Certificate
12. Occupancy Permit
13. Locational/ Zoning Clearance
14. Securities and Exchange Commission (SEC) Registration
15. Sari-sari store Permit
16. DTI Business Name Registration
17. Electrical Inspection Certificate
18. Mechanical Permit
19. Certificate of Annual Inspection
20. Insurance Policy
