HOW TO REGISTER A BUSINESS IN THE PHILIPPINES | Sole Proprietorship, Partnership or Corporation?

Charm de Leon
16 Aug 202024:44

Summary

TLDRIn this video, Charm from Reddit Adult Philippines outlines the process and benefits of registering a business in the Philippines. She discusses the importance of distinguishing between a business name and a brand name, and the different business structures including sole proprietorship, partnerships, and corporations. Charm explains the registration process with agencies like DTI, SEC, and IPO, and the costs involved. She also highlights the necessity of obtaining a mayor's permit and a BIR permit, providing insights into the advantages of being a registered business, such as the ability to cater to larger clients and orders.

Takeaways

  • πŸ“ Registering a business is crucial for legal operations and to avoid illegal activities.
  • 🏒 The video is divided into three parts: business name registration, mayor's permit, and BIR permit.
  • πŸ” The difference between business name and brand name is clarified, with the latter requiring registration with the Intellectual Property Office (IPO).
  • πŸ‘©β€πŸ’Ό Business structures discussed include sole proprietorship, partnerships, and corporations, each with varying levels of control, liability, and investment opportunities.
  • πŸ’Ό Sole proprietorships are the simplest but carry the highest risk, while corporations offer the most protection and are attractive to investors.
  • πŸ’Ό Partnerships offer a middle ground with the possibility of foreign ownership and limited liability for some partners.
  • 🏦 The process for registering businesses with the DTI (for sole proprietorships) and SEC (for partnerships and corporations) is outlined, including online and in-person steps.
  • πŸ’΅ Costs for business registration vary widely, from a few hundred for DTI registration to potentially thousands for SEC and IPO registrations.
  • πŸ“‹ Business permits are required within 30 days of business name registration and involve various requirements depending on the city and type of business.
  • πŸ’Ό The BIR permit is essential for tax purposes, and businesses must maintain specific financial records and books.
  • πŸ’° The total cost of registering a business can range from around ten thousand to thirty-five thousand pesos, depending on the business type and location.

Q & A

  • What are the three major parts of business registration discussed in the video?

    -The three major parts of business registration discussed are business name registration, mayor's permit or business permit, and BIR permit.

  • What is the difference between a business name and a brand name?

    -A business name is the trade name registered for legal purposes, while a brand name is the name associated with a product or service and must be registered with the Intellectual Property Office (IPO) to secure it.

  • What are the three types of business structures mentioned in the video?

    -The three types of business structures mentioned are sole proprietorship, partnerships, and corporations.

  • Why is registering as a corporation advantageous for liability protection?

    -Registering as a corporation is advantageous for liability protection because the business is treated as a separate legal entity, meaning personal assets of shareholders are protected and cannot be seized for business debts.

  • What is the minimum number of people required to register a corporation in the Philippines as of 2019?

    -As of 2019, the minimum number of people required to register a corporation in the Philippines is one, allowing for one-person corporations.

  • What are the two types of corporations mentioned in the video?

    -The two types of corporations mentioned are stock corporations, which issue shares and may distribute dividends, and non-stock corporations, which do not issue shares and often operate for charitable, educational, or similar purposes.

  • How long is the validity of a DTI business name registration?

    -The validity of a DTI business name registration is five years, after which it must be renewed.

  • What is the penalty for not registering a business permit within 30 days of registering a business name?

    -The penalty for not registering a business permit within 30 days of registering a business name is a penalty fee, as it is assumed that the business has been operating without proper permits.

  • What are the general requirements for obtaining a mayor's permit or business permit?

    -General requirements for a mayor's permit or business permit include a DTI or SEC certificate, barangay clearance, and possibly a lease contract or proof of ownership for the business location.

  • Why is it beneficial for a business to be registered and legal?

    -Being registered and legal allows a business to cater to bigger orders and sales, as companies often require official receipts for significant transactions, which are only issued by registered businesses.

Outlines

00:00

πŸ“ Introduction to Business Registration

Charm from Reddit Adult Philippines introduces the video's focus on the process and reasons for registering a business. The video is divided into three parts: business name registration, mayor's permit or business permit, and BIR permit. Charm emphasizes the importance of registering a business name, distinguishing it from a brand name, and explains that while registering a brand name is not mandatory, it is for a business name. The video also briefly touches on different business structures, including sole proprietorship, partnerships, and corporations, highlighting the differences in control, liability, and investment opportunities.

05:01

🏒 Business Structures and Liability

This paragraph delves deeper into the three types of business structures: sole proprietorship, partnerships, and corporations. It discusses the differences in liability and exposure, with sole proprietorships carrying the highest risk as the owner is personally liable for all business debts. Partnerships offer a middle ground with general and limited liability options, while corporations provide the most protection, treating the business as a separate entity from the shareholders. The paragraph also addresses the attractiveness of each structure to investors, with corporations being the most appealing due to their professional appearance and stability.

10:03

πŸ“‹ Registration Agencies and Processes

Charm explains the agencies responsible for registering different business types in the Philippines. Sole proprietorships are registered with the DTI, which offers an easy and cost-effective online registration process. Partnerships and corporations, on the other hand, are registered with the SEC, which requires more documentation and a higher fee. The paragraph also mentions the IPO for brand name registration and provides a brief overview of the registration process, validity periods, and the necessary documents for each type of business structure.

15:05

πŸ“ Business Permit and BIR Permit Requirements

The paragraph discusses the requirements and processes for obtaining a business permit and a BIR permit. After registering a business name, one must secure a business permit within 30 days. The permit is valid for one year and requires various documents, including a DTI or SEC certificate and barangay clearance. The BIR permit is necessary for tax purposes and allows businesses to issue official receipts. The paragraph outlines the different requirements for sole proprietors, partnerships, and corporations, and mentions the additional costs associated with these permits, such as fees for the authority to print receipts and maintaining business books.

20:06

πŸ’Ό Recap and Encouragement for Legal Business Operations

In the final paragraph, Charm recaps the fees associated with registering a business, ranging from around 10,000 to 35,000 pesos, depending on the business type and location. The video concludes with an emphasis on the advantages of being a legally registered business, such as the ability to cater to larger orders and sales, and the credibility it lends to a company. Charm offers to recommend a trusted bookkeeper to viewers in Cebu who need assistance with business registration and encourages viewers to like, subscribe, and share the video with others who might find it helpful.

Mindmap

Keywords

πŸ’‘Business Registration

Business registration is the process of formally recording the existence of a business entity with the appropriate government authorities. In the video, it is emphasized as a crucial step for entrepreneurs to legitimize their operations and ensure compliance with legal standards. The script outlines the registration processes for different business structures, highlighting the importance of registration for credibility and access to larger business opportunities.

πŸ’‘Business Name vs. Brand Name

The video script distinguishes between a 'business name', which is the trade name registered for legal purposes, and a 'brand name', which is the name by which the business is known to the public and can be registered with the Intellectual Property Office (IPO) for protection. The example given in the script is 'Subo Mercado Food Bazaar Inc' as a business name and 'Jasobu Mercado' as a brand name, illustrating the difference in usage and purpose.

πŸ’‘Sole Proprietorship

Sole proprietorship is a business structure where one individual owns and operates the business. The video explains that it is the simplest form of business with the least formalities and the easiest paperwork process. However, it comes with the highest personal liability, as the owner's personal assets are at risk if the business encounters financial difficulties.

πŸ’‘Partnership

A partnership is a business structure that involves two or more individuals who share ownership and management of the business. The script mentions that partnerships can be registered with the Securities and Exchange Commission (SEC) and can offer limited liability to partners, depending on the type of partnership. It also notes that partnerships can be more attractive to investors than sole proprietorships.

πŸ’‘Corporation

A corporation is a legal entity that is separate from its owners (shareholders) and is recognized by law as a distinct 'person'. The video script explains that corporations offer the lowest personal liability to owners, as their personal assets are protected from business debts. It also mentions that corporations can attract more significant investments due to their structured and formal nature.

πŸ’‘Mayor's Permit

The Mayor's Permit, also known as a business permit, is a license granted by the local government to operate a business within its jurisdiction. The video script emphasizes the necessity of obtaining this permit within 30 days of registering a business name to avoid penalty fees. It is a key component ofεˆζ³•εŒ– business operations and is required for businesses to conduct transactions legally.

πŸ’‘BIR Permit

The BIR (Bureau of Internal Revenue) Permit is a tax registration certificate issued by the Philippine government's revenue agency. As discussed in the script, it is required for businesses to operate legally and to comply with tax regulations. The permit also authorizes businesses to issue official receipts, which are necessary for financial transactions and record-keeping.

πŸ’‘Intellectual Property Office (IPO)

The Intellectual Property Office is the government agency responsible for the registration of intellectual property rights, such as trademarks, patents, and copyrights. In the context of the video, the IPO is where business owners can register their brand names and logos to secure legal protection against infringement, as mentioned in the script when discussing the additional steps after business name registration.

πŸ’‘DTI (Department of Trade and Industry)

The Department of Trade and Industry is the government body that oversees business registration in the Philippines for sole proprietorships. The video script details the process of registering a business name with the DTI, which includes online registration through the Business Name Registration System (BNRS) and the associated costs, highlighting its role in legitimizing small-scale businesses.

πŸ’‘SEC (Securities and Exchange Commission)

The Securities and Exchange Commission is the agency responsible for registering partnerships and corporations in the Philippines. The script explains that while the initial steps of name verification can be done online, final confirmation requires a visit to the SEC office. It also mentions the various documents, such as the Articles of Partnership or Incorporation, necessary for registration, emphasizing the SEC's role in formalizing business structures.

πŸ’‘Business Structures

The video script discusses different business structures, including sole proprietorship, partnership, and corporation, each with its own legal implications, registration processes, and liability exposures. Understanding these structures is crucial for entrepreneurs to make informed decisions about how to set up and manage their businesses legally and effectively.

Highlights

Discusses the advantages of registering a business, including legality and credibility.

Introduces the three major parts of business registration: business name, mayor's permit, and BIR permit.

Explains the difference between a business name and a brand name, and the importance of registering both.

Outlines the three business structures: sole proprietorship, partnership, and corporation, detailing their features.

Describes the risks and benefits associated with each business structure, focusing on liability and control.

Provides a step-by-step guide on how to register a business name with the DTI or SEC.

Discusses the process of securing a brand name with the Intellectual Property Office (IPO).

Explains the requirement of obtaining a mayor's permit within 30 days of business name registration.

Covers the general requirements for a business permit, including barangay clearance and lease contracts.

Mentions the fees associated with various permits and registrations, giving a range for each.

Advises on the necessity of a BIR permit and the process of obtaining an Authority to Print receipts.

Recommends hiring a bookkeeper for partnership and corporation registrations due to the complexity.

Provides practical advice for startups, suggesting starting with a sole proprietorship due to ease of application.

Discusses the benefits of being a registered business, such as the ability to cater to larger orders and sales.

Offers to recommend a trusted bookkeeper for viewers in Cebu who need help with business registration.

Encourages viewers to subscribe and like the video for more content on personal finance and entrepreneurship.

Transcripts

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okay one advantage that i want to point

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out

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when you are registered as a business um

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other than the fact that

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you are not doing anything illegal

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[Music]

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hi everyone it's charm again from reddit

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adult philippines a channel about

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personal finance entrepreneurship and

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adulting how to's

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so here are the featured comments for

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the week

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and if you want to get featured then

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comment down below

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and here are our instagram shout outs

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for the week

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if you want to get featured then insta

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story this video and tag me at reddit

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adult ph

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so i've already touched on this topic on

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my how to start a business video

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and if you haven't decided on a business

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yet then you might want to

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check that out but if you've already

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decided on pursuing your business

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and you're looking to register it then

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this video is for you

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so let's discuss the process of

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registering your business and the

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reasons behind it okay so let's jump

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right into the video

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i'm gonna be dividing the video into

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three parts

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and these are basically the three major

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parts of your registration

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so for the first that's for the business

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name registration

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for the second part that's where we

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discuss the

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mayor's permit or business permit and

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for the third we're going to be

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discussing the bir permit

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i won't be going through each and every

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requirement in this video i will be

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putting them in the description box down

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below

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because i just really want to explain to

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you guys the process

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and the highlights so first let's talk

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about name registration

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this is the very first step you need to

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do when you are registering your

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business

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before we talk about the different

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agencies let's talk about first the

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difference between

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business name and brand name so for the

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business name this is

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the trade name or this is what you

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register for

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you to be able to register your business

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okay

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so your brand name is different and for

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you to secure your brand name you have

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to register it with the ipo

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or the intellectual property office all

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right

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so it's not a requirement to register

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your brand name

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but it is a requirement to register a

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business name

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okay so for example for us our business

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name

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is subo mercado food bazaar inc but our

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brand name is jasobu mercado

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or my other business is district events

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and the brand name of the event is pop

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district bazaar

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so for example you're an online business

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so the online business brand name

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doesn't have to be the same with the

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business name

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okay so now let's talk about the

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business structures so we have the sole

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proprietorship

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we have the partnerships and the

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corporations

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okay so individually let's talk about

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the difference between the three of

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these

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so for sole proprietorship it's the

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simplest

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and the least formal type of business

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structure

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but you have full control of your

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business

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and in terms of the process of paperwork

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and application

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sole proprietorship is the easiest to

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apply among the three structures

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but in terms of liability and exposure

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sole proprietorship has the highest risk

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okay what that means is as a sole

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proprietor

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you are your business you are under 110

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number

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so whatever your business owes for

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example you're taking out a loan for

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your business

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and your business cannot pay that loan

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for example it has to shut down you

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will need to pay for those liabilities

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and loans

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okay so your car your house they can

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possibly be taken away

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if you have a lot of liabilities in your

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business

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and in terms of investment opportunities

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you have a lower advantage compared to

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the other structures

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because a sole proprietorship business

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is not as attractive

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of a business structure compared to the

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other ones

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because the investors cannot have

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ownership in the business

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so for partnership it's under the sec or

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the sec

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and you need at least two people to

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register under

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partnerships the partnership structure

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is the in between of the sole

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proprietorship and the corporation

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okay so it's the first structure that

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you can see

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um the possibility of having foreign

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ownership

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of up to 40 percent and also

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the business has its own judicial

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personality

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that means that the business is like a

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person created by law

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it has its own identity it has its own

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10 number

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it's in a way treated separate from the

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individual partners

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so for the control you have lesser

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control with the partnership structure

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because you have your other partners as

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compared to the sole proprietorship

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where

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you're your own boss and you're the

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owner of the business okay

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so you have a low control when it comes

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to this

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for the paperwork or application process

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i would say it's a medium

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it's not as easy as a sole

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proprietorship but it's also not as hard

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as a corporation

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okay so next let's discuss the liability

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or the exposure to liability

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so for partnerships there are usually

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two types so we have the general

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liability and the limited liability

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so most of the time the main partner has

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general liability that means that it's

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kind of similar to the sole

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proprietorship or you have unlimited

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liability as well

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so there are also some partners that may

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have limited liability

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and these partners their only liability

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is limited to

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the capital that they put up so most of

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the time their personal assets would be

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safe

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and last is for the investment

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opportunity so it's definitely more

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attractive than the sole proprietorship

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but it's not as attractive as

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corporations so for partnerships there

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are some businesses that need to

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register as

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partnerships like law firms or

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accounting firms okay so for corporate

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funds

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it's also under sec and before it used

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to be minimum of five people

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but early last year 2019 they already

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allowed two to four person corporations

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and also one person corporations okay

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for corporations

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it's similar to partnership in the way

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that

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you can also have foreign ownership up

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to 40 percent

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and it also has its own judicial

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personality

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again meaning your business is treated

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as an entirely different person created

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by the law

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and also it's similar in a way that you

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don't have as much control over it

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as compared to sole proprietorships

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again similar to partnerships you have

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other partners or shareholders and in

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terms of the business application

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or the paperwork it's definitely the

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hardest to apply for

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as compared to partnerships and sole

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proprietorships

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in terms of exposure and liability it

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has the lowest exposure

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okay so if for the sole proprietorship

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you

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are your business and everything that

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the business owes

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you also owe okay so for the

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partnerships

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you can have a general liability and a

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limited liability so it's a mix of both

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but for the corporation since the

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business is really completely

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detached from the shareholders then

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any liability that your business might

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have if you have

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loans and you decide to close your

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business your personal assets all the

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shareholders personal assets will be

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protected

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the bank cannot go after your car your

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house your jewelry etc okay

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so that's why a lot of big businesses in

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the philippines go for the corporate

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structure

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because it's the most ideal really for

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big companies

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so for corporations we have two types

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you have the stock or the non-stock

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basically for the stock you issue shares

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or stocks to your investors and if ever

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there are surplus profits or extra

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profits

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then you can divide that to your

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investors and that's what we call

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dividends

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okay so these terms are familiar to you

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if you've seen my stock market video

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and that's how it works okay but for the

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corporations we also have non-stock

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and non-stocks doesn't issue shares

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so basically non-stock operations exist

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for charitable educational

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cultural or other similar purposes okay

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so you might hear it together with the

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phrase non-stock non-profit

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so yeah and lastly about the investment

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opportunity

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you have a high chance of getting

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investors when you are a corporation

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you definitely look more stable you look

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more professional

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when you are registered as a corporation

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so if you're

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someone who might be looking for

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investors in the future

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registering as a corporation is

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definitely

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an option for you okay so just to give

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you a brief background

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i actually have businesses registered

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under sole proprietorship

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partnership and corporation okay

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i already closed my partnership business

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down

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but i've tried all three for the sole

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proprietorship

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i was the one who did all the paperwork

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all the process

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okay so from name registration to

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business permit and the bir permit i was

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the one

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to process it but for the partnership

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and corporation

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i already hired a bookkeeper to do those

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for me

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okay so it's definitely more tedious

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of a process when you are under sec as

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compared to dti

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but i know if you're starting out it

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might be costly for you to do so

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so that's why majority of startups start

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with

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sole proprietorship because it's also

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the easiest to apply for

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and there's very little paperwork okay

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so let's talk about the agencies where

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you have to register

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these businesses okay so for sole

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proprietorship again it's with the dti

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it's so easy to register with the dti

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right now

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because other than walking into a dti

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you can actually register online okay so

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business name registration system bnrs

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for the dpi

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it is valid for five years so every five

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years you have to renew your business

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name

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so the requirements are pretty easy you

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just have to fill up an application form

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online

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maybe an id and you have to pay for it

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that's basically it and they will send

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you an

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email and you can print it out okay so

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for the cost

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of the dti registration it depends on

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the territorial coverage that you want

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it can either be barangay which is 200

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pesos municipal which is 500 pesos

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regional which is 1000 pesos and for

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national it's 2 000 pesos

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okay and on top of that you have a

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documentary stamp

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of 30 pesos okay so if you want to go

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national it's a total of 2030 pesos

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and you can do it in 5 to 10 minutes in

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a computer at home

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okay so let's move on to the partnership

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and corporations

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these again are registered under the sec

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or the securities and exchange

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commission or sec and for this you can

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kind of also do it online but not

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fully you can verify the availability

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of your business name online and then if

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it's available then you can reserve it

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but for it to be confirmed you have to

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go to the sac

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office within a few days after serving

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it online i think it was four days

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okay so for the partnerships the

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validity of partnerships

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is actually there's no limit it really

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depends on the partners

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and the important document that you need

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to submit for

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the application is the articles of

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partnerships okay

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so that's the agreement between you and

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your partners

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so for corporations its validity is 50

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years

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and the important requirement there is

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the articles of incorporation

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all right so this is why i mentioned

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earlier that

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it's harder to apply for corporate funds

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because there are actually a lot of

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requirements you need

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to be able to apply okay so if you and

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your business partners are looking

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to register as a corporation i highly

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suggest for you to get

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someone services for them to be able to

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help you out with registration

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so if you guys are in cebu and you don't

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know who to go to

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i can recommend my guide to you and he

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is really good i really trust him

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okay so if you're in cebu you can dm me

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on instagram and i can connect you to

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him

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and there's no catch okay i just know

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that it's hard to look for people that

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you can trust in terms of these

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i have definitely been scammed before

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in terms of getting someone to take care

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of my taxes so

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maybe that's for another video but yeah

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so for the fees.com with registering

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with sec

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it really varies because it's actually

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um dependent

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on your capital so they actually have

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a calculator online i'll put a

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screenshot here and i will link it down

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below

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but you can calculate it based on the

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capital that you will be putting up

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okay but for the sec you can expect to

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pay around 5 to fifteen thousand pesos

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okay so now let's quickly talk about

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the ipo that's where you register your

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brand name so if you can see that our

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logo that's where you do it with the

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intellectual property office

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and basically you can spend around eight

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to nine

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thousand pesos to register a brand name

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and brand logo

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okay so now let's move on from the name

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registration

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to the business permit okay so after

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you've registered

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with the dti or sec you have 30 days to

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register for a business permit so for a

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business permit you will need a dti

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certificate or a sac

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certificate you have to do this within

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the 30 days

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or else you will be charged with a

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penalty fee and the reason behind the

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penalty fee

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is because when you already have your

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business name permit

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they are assuming that you are already

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operating your business

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and if you've delayed a few months or

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even years

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before you get your business permit they

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will be thinking that you have been

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operating

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without proper permits so for the

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business registration you will be doing

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this

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in the city or municipality where your

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business is located

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so if you are an online business or a

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freelancer and you work at home

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then your address will be your office as

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well so you will be

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registering in the city hall where your

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office is located so for business

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permits it's actually a wide spectrum of

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requirements that you might

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need depending on what business you are

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engaging in

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so you might need clearances and

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different

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agencies for example you are a travel

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agency

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so you will need a clearance from the

play15:19

dot or department of tourism

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if you are a pawn shop you need a

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clearance from the bsp or banco central

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lung filipinas

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and etc okay so i'll put a list here for

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possible clearances that you might need

play15:33

but let's talk about the general

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requirements and the things that you

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need to know under

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the mayor's permit or the business

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permit okay okay first is the validity

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is only one year you will need to renew

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this every year

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on january specifically so if you're

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someone who is trying to register a

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business

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on november on december i would suggest

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for you to hold getting your business

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permit

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until january because you will be paying

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the fee

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again if you register on november

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december

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okay so i will be putting here the

play16:05

requirements so you can go

play16:06

over that but basically one important

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requirement there is the barangay

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clearance

play16:12

you will need a barangay clearance from

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the barangay where your office is

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located

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so if you are renting your home or your

play16:21

office

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they will need a lease contract if you

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are in a village

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they need a certificate from your

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village

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home owners association saying that it

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is okay

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that you are using your home as an

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office and if you own the house

play16:37

you will need to submit um the real

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estate tax that you paid for that year

play16:42

as well

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okay so these are just the common

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requirements

play16:47

that cities might have because usually

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each city or municipality

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have different um requirements when it

play16:55

comes to

play16:56

the business permit for the business

play16:58

permit you would spend around

play17:00

five to ten thousand pesos for

play17:02

registration and that's just

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for registration there are actually

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other fees that might come with it

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for example city health barangay

play17:12

senro zoning oboe

play17:16

and fire most of these require physical

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inspection of the office if it is fit to

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conduct business in

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so some of these departments also have

play17:26

another

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um fee of around five to ten thousand

play17:30

total

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okay so it really depends 80 per city so

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i can't really say

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exactly and also it also depends with

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your line of business

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as i mentioned before okay so now let's

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talk about the bir

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permit or the bureau of internal revenue

play17:46

permit

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okay so you will be getting this at the

play17:49

bir district office where your business

play17:52

is located and other than the bir permit

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this is where you will be getting your

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authority to print

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and your book of journals okay so i'll

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explain more of that later

play18:02

this is also valid for one year so

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usually you renew this together with

play18:06

your business permit

play18:08

for the requirements it's different for

play18:10

self-employed

play18:11

or mixed income earners or usually

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that's the sole proprietors

play18:16

and the partnerships and corporations so

play18:19

for the sole proprietors usually you

play18:21

need a birth certificate or a valid id

play18:24

you will need to fill up a form you will

play18:26

need your dti certificate

play18:28

and you used to need your mayor's permit

play18:30

as well

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but just recently they have allowed for

play18:34

you

play18:34

to register with the bir even before

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your business permit

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comes out as long as you can show them a

play18:43

receipt that you're already processing

play18:45

your business permit

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so for partnerships and corporations you

play18:49

will need

play18:50

your sex certificate and your mayor's

play18:53

permit

play18:54

so like i mentioned for the sole

play18:56

proprietorship

play18:57

just as long as you can show the receipt

play18:59

that you are processing it already

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okay so bir is kind of easier already to

play19:05

apply for

play19:06

because the hardest part is really the

play19:08

business permit it's the one that has

play19:10

um the most requirements so other than

play19:14

your bir permit i mentioned earlier that

play19:16

you

play19:16

also need to get an authority to print

play19:19

and your books from the bir

play19:21

okay so for the authority to print it's

play19:23

basically

play19:24

a form that you need to fill up because

play19:27

you need to print out receipts

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for your business to be able to give out

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or

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or official receipts to people okay so i

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won't

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dive too deep into taxes and everything

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because

play19:41

that can be a separate video but

play19:44

basically

play19:44

you will need an authority to print you

play19:47

can either do internal and print with

play19:49

the bir

play19:50

or you can get the authority to print to

play19:52

print somewhere else okay

play19:53

so it's kind of known that when you

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print with the bir it's kind of more

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expensive

play19:58

rather than going the external route

play20:00

because of course they also offer

play20:02

convenience

play20:03

with for the bir if you print your

play20:05

receipts there and everything

play20:07

you would be paying around three to four

play20:09

thousand pesos

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and around 2500 of that are the receipts

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okay so receipt booklets usually come

play20:17

in at least 10 booklets so if you go

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outside it's usually around 1200

play20:24

to 1500 pesos for 10 booklets already

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okay so as compared to the 2500 in bir

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and also you'll be paying for

play20:33

documentary stamps for the lease

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contract if you are renting your office

play20:38

okay so for this i will be putting the

play20:40

formula here

play20:41

it depends on how much you are renting

play20:45

your office for

play20:46

and you will also need to maintain four

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books the

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cash receipt the cash disbursement the

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general ledger and the general journal

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okay so again i can um discuss this in a

play20:58

separate video

play20:59

but basically these are used to uh

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record the in and out of money from your

play21:05

business

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okay so that's it let's recap the fees

play21:10

that you need to pay when you register

play21:11

to um these agencies so for name

play21:14

registration we have

play21:16

dti which you can be paying from 230 to

play21:19

2030 pesos

play21:21

and for sec you can be paying from 5 000

play21:25

to 15 000 pesos

play21:27

and if you want to register your brand

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name with the ipo

play21:30

then that's another eight to nine

play21:32

thousand pesos okay so for the business

play21:34

permit

play21:35

this really depends on each city or

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municipality but you can be paying

play21:40

from five thousand to ten thousand pesos

play21:43

and for the

play21:44

other departments that's another five to

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ten thousand pesos again

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and lastly for the bir um your bi permit

play21:51

and your receipts

play21:53

you will be paying from three to four or

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five thousand pesos

play21:58

okay so the total really depends on your

play22:01

business

play22:01

but it can be from around ten thousand

play22:04

to thirty five thousand pesos

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okay so of course the ten thousand is

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usually for

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sole proprietorships and the 35 000 is

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usually for the corporations

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and there's a whole spectrum of total

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prices in between it depends

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on your capitalization what type of

play22:20

business you are gonna have

play22:22

and etc okay so i hope this

play22:26

video helped everyone who are

play22:29

trying to start their own business and

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don't really know

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how to go about the process of

play22:34

registering their business

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to be a legal entity okay so it's really

play22:39

a different

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feeling when you are registered and you

play22:43

are a legal entity

play22:44

and you are operating a legal business

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okay one advantage that i want to point

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out when you are registered as a

play22:52

business

play22:53

other than the fact that you are not

play22:55

doing anything illegal

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is really that you can open up yourself

play22:59

to catering

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to bigger orders bigger sales

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bigger work because usually companies

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who

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look for products and services really

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ask for official receipts because

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especially if they are spending a lot of

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money

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buying your products or getting you for

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your services

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they would need to reflect that in their

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box

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because if they don't it's like the

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money just disappeared out of thin

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air and they would be having troubles

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with the bir

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for that okay so that's definitely one

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of the advantages

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that being in a legal and registered

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business

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will have like i mentioned earlier if

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you're in cebu and you need help with

play23:45

your business registration

play23:47

i can recommend my trusted bookkeeper to

play23:51

you

play23:51

and he can definitely help you with that

play23:54

just dm me

play23:55

on instagram and also if you like this

play23:57

video and you have other friends that

play23:59

may be starting their own business

play24:02

even if it's online because online

play24:04

businesses also really need to be

play24:05

registered

play24:06

um online freelancers also need to be

play24:09

registered

play24:10

so send this video to them and don't

play24:12

forget to like this video and subscribe

play24:15

to the channel

play24:16

hit the notification bell if you want to

play24:18

be notified every time i upload another

play24:20

video

play24:21

and i know that adulting's already hard

play24:24

and also business is hard

play24:26

so i wanna make it easier for you guys

play24:28

by making videos like these

play24:30

and this has been charm from reddish

play24:32

adult philippines and i will see you on

play24:34

my next video

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Related Tags
Business RegistrationPhilippinesLegal StructuresSole ProprietorshipPartnershipsCorporationsBusiness PermitBIR PermitIntellectual PropertyEntrepreneurshipAdulting