For all purpose

LESSON 2: Starting a
Business: Legal forms
and Requirements

For Presenration
*The legal form of business is determined by its
ownership or proprietorship

* In single or sole proprietorship, the owner and the business are con sidered as
one,
*
Decision-making is the sole responsibility of the owner and if the business
succeeds, he or she gets all the profits.

In a business partnership, the resources (money, and other assets) and talents
(skills, experience, and management expertise) of all involved may be pooled
together.

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CORPORATION

A corporation is registered and is recognized by law as a

"legal person" that has legal rights and responsibilities, can
sue or be sued in court, can own and sell properties, and can
transact or enter into con- tracts.

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 Corporation ownership is divided into units

📌SHARES OF STOCK
📌OWNERS

The corporation's life does not end with the death of a stockholder or by the
selling of the stocks of a particular stockholder.

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 A group of officers, called board of directors and
committees, headed by a chairman, manage the
cooperative's activities. The cooperative office staff who
run the daily office work are usually hired.

Why and Where Should a

Business be Registered?

📌 Businesses or entrepreneurial ventures have to be registered in compliance to

Philippine laws.
📌 Without proper registration in authorized government agencies, the business cannot
operate legally.
📌 Registering also gives credibility to businesses, hence, helping earn the trust of
customers, suppliers, partners, and other stakeholders. 5
Registration documentation have to be submittedto the department
of trade and Industry (DTI) and the Securities and Exchange Commis
Registration ion (SEC)

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Thank you
for listening!

For Presenration
WENDELL WICO S. DIMACALI JANUARY 19, 2023