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  • Afar Accounting 5

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    micolle
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    An LLC is a hybrid business structure that combines aspects of a partnership and corporation, taking advantage of their best features. Partnerships must be registered with the DTI, while registering a business in the Philippines involves registering with the SEC, obtaining barangay clearance, registering with SSS and BIR, and acquiring a business permit. Generally, shareholders are not personally liable for corporate debts, but could be if they cosigned or personally guaranteed the corporation's debts.

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    An LLC is a hybrid business structure that combines aspects of a partnership and corporation, taking advantage of their best features. Partnerships must be registered with the DTI, while registering a business in the Philippines involves registering with the SEC, obtaining barangay clearance, registering with SSS and BIR, and acquiring a business permit. Generally, shareholders are not personally liable for corporate debts, but could be if they cosigned or personally guaranteed the corporation's debts.

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    5 views1 page

    Afar Accounting 5

    Uploaded by

    micolle
    An LLC is a hybrid business structure that combines aspects of a partnership and corporation, taking advantage of their best features. Partnerships must be registered with the DTI, while registering a business in the Philippines involves registering with the SEC, obtaining barangay clearance, registering with SSS and BIR, and acquiring a business permit. Generally, shareholders are not personally liable for corporate debts, but could be if they cosigned or personally guaranteed the corporation's debts.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    What combines the best features of a partnership and a corporation?

    A limited liability company (LLC) is a hybrid business structure that takes advantage of
    aspects of partnerships and corporations.

    Does partnership need to be registered in DTI?


    This is the only type of business that is required to be registered at the DTI. There are a
    few other types of business ownership such as a corporation, partnerships, limited
    partnership, cooperatives, etc. whose names must be registered to other different
    departments of the government.

    How to register partnership and corporation in the Philippines?


    Steps to register a partnership business in the Philippines
    1. Register your business in the Securities and Exchange Commission (SEC) ...
    2. Get a Barangay Clearance. ...
    3. Register your business and employees in Social Security System (SSS) ...
    4. Obtain a Business Permit or Mayor's Permit. ...
    5. Register your business in BIR.

    How to register partnership and corporation in the Philippines?


    Steps to register a partnership business in the Philippines
    1. Register your business in the Securities and Exchange Commission (SEC) ...
    2. Get a Barangay Clearance. ...
    3. Register your business and employees in Social Security System (SSS) ...
    4. Obtain a Business Permit or Mayor's Permit. ...
    5. Register your business in BIR.

    Are owners personally liable for corporate debts?


    Generally, shareholders are not personally liable for the debts of the corporation.
    Creditors can only collect their debts by going after corporate assets. Shareholders will
    usually be on the hook if they cosigned or personally guaranteed the corporation's
    debts.

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