Business Formation
This refers to the process of establishing and legally registering a new business entity to conduct commercial activities in a specific jurisdiction.
What are the types of entity that may engage in business in the Philippines?
A duly registered corporation, partnership, or sole proprietorship may legally engage business in the Philippines.
For a business to operate, is it enough to register the business only with SEC or DTI?
No. A business must likewise be registered with the specific jurisdiction it is operating and likewise must comply with all BIR regulations.
Do jurisdictions differ in their respective requirements on business registration?
Generally, no. However, some jurisdictions may require specific or additional requirements.
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"If you think that compliance is expensive, try non-compliance!"
Paul McNulty (former US Deputy Attorney General)
