BONGALOS, JHONNA MAE T.

Owning a business is a great responsibility. Sooner or later, we will start to work and even
establish our own businesses. When we get embroiled in the excitement of starting a new
business, its easy to ignore the need of licenses, registration and permits. Failing to do so
may cause a lot of trouble in the long run. It is of real importance that as early as now,
students like us gain certain knowledge about these things so we can use and apply these in
the near future. Also these will help us answer many questions in mind like: Why do
businesses require a business license to operate; do they give benefits; is it just a money grab
for the city or government?
Through this project, we were able to acquire more knowledge on how to establish a
partnership as a legal entity. As we work on it, we found out that registration is really an
important matter for without it, the offshore company cannot be legally considered and will
not be protected under any grievance procedures etc. In addition, it will not be protected by
the jurisdiction from any economic, legal or social instability.

Processes and procedures exist to operate the business legally. Skipping any of these steps
could result in dire consequences for the business. Getting a business license can be a tedious
process, especially if more than one license or permit is required for the industry. But the
amount of work and effort to attain the licenses is worth it in the end. The penalties for
operating a business far outweigh the inconvenience of attaining a license.