PARTNERSHIP
Written by redbalmeo on 9:24 AMA partnership is a type of business where two or more individuals agree to form a business combining their agreed upon contribution. It can be a partnership in trade or general professional partnership, where, professionals agree to form a partnership. There are also different rates of taxation as to what kind of partnership is formed. For more info about taxation of partnership, please visit www.bir.gov.ph.
The liabilities of the partners in case of bankruptcy may extend up to their personal properties as what may have been agreed upon.
The steps of registering a partnership are:
1. DTI-BTRCP Registration - It is necessary to register your business with the Department of Trade and Industry (DTI) and the Bureau of Trade Regulation and Consumer Protection (BTRCP) because you will gain the exclusive right to establish and use your business name. It also offers protection from those could take advantage of your name. These government agencies see to it that there is no duplication in the use of names.
2. SECURITIES and EXCHANGE COMMISSION (SEC) REGISTRATION - The SEC is the government agency that gives the business enterprise its legal personality.
3. Barangay Clearance - The Local Government Code requires all local businesses to register at the barangay level. This is easy to do and a minimal fee is required.
4. Registration with the Local Government - Permits and licenses required to ensure that standards are met and that businesses comply with the specific requirements of the business locale.
Business Permit and License
Locational Clearance
Barangay Micro Business Enterprise
5. B.I.R. Registration - The Bureau of Internal Revenue (BIR) will furnish your business with its own tax identification number and the authority to print receipts, invoices, etc.
6. SSS Registration - The Social Security System offers your employees many benefits. It also benefits you, as employer, in cases of employees' disability or death.
7. DOLE Registration - Registering with the Department of Labor and Employment (DOLE) is required for businesses with 5 or more workers.
8. PHILHEALTH - Securing membership in the government health care benefits system.
9. Manila Electric Co. (MERALCO) - Securing electric services connection for business in MERALCO franchise area; local electric utility firms for companies locating in non-MERALCO franchise area.
10. Maynilad Water Company and/or Manila Water Company for firms locating in Metro Manila and Local Water Utilities Administration (LWUA) for firms locating outside Metro Manila - Securing Water services.
11. Philippine Long Distance Telephone Co. (PLDT), Bayantel, Digitel, Smart and Globelines - Securing Telephone services connection.
12. Registration with other offices - You may be required to register with other agencies of government, depending on your type of business. Some examples are the Bureau of Food and Drug, Garment and Textile Board, Department of Tourism, Philippine National Police.
source:www.tlrc.gov.ph
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