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Acquiring Legal Status of a Business Firm Under Sole Proprietorship in the Philippines

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Acquiring Legal Status of a Business Firm Under Sole Proprietorship in the Philippines
Acquiring Legal Status of a Business Firm under Sole Proprietorship in the Philippines Starting a business in the Philippines requires series of procedures and steps, and there are different processes of registration depending on the form of business the entrepreneur ventures. This research report will talk about how to acquire the legal status of a business under the business form – sole proprietorship, discussing in detail the steps involved. As Lawrence Gitman defines sole proprietorship, it is a business that is owned by one person and operated for his or her own profit. This form of organization appeals to entrepreneurs who enjoy working independently. (Gitman, 2012) As an entrepreneur starts his business, he must come across different offices and agencies that will require several supporting and valid documents. The requirements must be secured before heading to a certain government agency. Moreover, the steps and processes to be discussed must be taken successively in order to complete the legality of one’s business.
The following are the different government agencies and offices that must be dealt with in attaining legal status of a sole proprietorship business:

1. DEPARTMENT OF TRADE AND INDUSTRY
The entrepreneur’s first step is to register in Department of Trade and Industry the proposed name of the business that he will establish in the Philippines. This agency will provide the Certificate of Registration for the business. Here are the requirements for the business name registration (see Appendix A.1 for checklist of requirements): A. For original application, single proprietor, Filipino citizen
- Applicant must be at least 18 years old
- Duly filled-up Application Form (BTRCP Form No. 16A)
- Proof of Citizenship (photocopy of any of the following: Philippine Regulatory Commission/ PRC ID, Voter’s ID, Passport or Birth Certificate) B. If filer is other than the applicant
- Letter of Authorization from the applicant
- Photocopy
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