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Finally after reading my previous blog entries, you have been inspired to pursue your quest to entrepreneurship. Now that you have conceptualized your business and mapped out your target market, the next question is: How to establish your start-up company.


In this blog, I will be sharing you the business terminologies as defined by the Philippine Law so you can have a concrete idea on the general framework that involves around the registration of your business in the Philippines.


Before anything else, there are 3 type of business enterprise that you can pursue when doing business in the Philippines.

1. Sole Proprietorship
   
2. Partnership
   
3. Corporation

I would like to dedicate this blog entry for aspiring entrepreneurs (that are exclusively Filipino Citizens) who would want to come up of a start-up business. Therefore, I will be talking about SOLE PROPRIETORSHIP.

What is Sole Proprietorship?

As per DTI (Department of Trade and Industry), It is a business structure owned by an individual who has full control/authority of its own and owns all the assets, personally owes answers all liabilities or suffers all losses but enjoys all the profits to the exclusion of others. A sole proprietorship must apply for a business name and be registered with the DTI-National Capital Region (NCR). In the provinces, application may be filed with the DTI regional/provincial offices.

Simply put, it is a type of business enterprise that is owned, managed and directed by a single individual.

Why Sole Proprietorship is ideal for start-ups?

• Easy to set-up your business structure

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