This is essential since you will be establishing a company in the barangay. As a result, your business should adhere to the barangay’s norms. Depending on your barangay, fees and other restrictions may be required.
The registration of your personnel (temporary or permanent) in the SSS is required by law. This guarantees that you are legally remitting your employees‘ monthly payments so that they can benefit afterwards. You will require the following items:
|➤ R-1 and R-1A SS Forms
|➤ A photocopy of the Partnership Articles
|➤ A drawing or map of the business's location
|➤ Clearance Endorsement (From other government agencies)
|➤ Validated Miscellaneous Payment Return (SS Form R-6 or SS Form R-6 with Special Bank Receipt) (proof of payment for the Employer Registration Plate)
You can now apply for a Business Permit or Mayor’s Permit after receiving the certificate of registration from the SEC. This is essential since your firm is located within the LGU’s jurisdiction. Your company, like that of a barangay, should adhere to the LGU’s requirements.
Here’s our comprehensive guide to obtaining a company or mayor’s permission in the Philippines.
You may now register your business in BIR with a mayor’s permit. Registering with the Bureau of Internal Revenue allows you to issue formal receipts, keep books of accounts, and acquire a distinct Tax Identification Number (for partnerships and companies).
Partnerships are categorised based on how liability is distributed among partners, as follows:
|➤ General partnership (GP): Each partner is fully liable for all of the company's financial and legal responsibilities, even those created by the activities of another partner.
|➤ Limited partnership (LP): At least one partner (the "general partner") is personally liable, but one or more "limited partners" (typically investors) are only partially liable.
|➤ Limited liability partnership (LLP): Each partner is fully liable for business responsibilities but is protected from responsibility arising from the actions of other partners. LLPs are usually designated for professionals such as physicians, attorneys, and accountants, and they are only available in a few states.
|➤ Limited liability limited partnership (LLLP): Similar to an LP, but the general partner has limited responsibility as well. LLLPs are not accessible in many jurisdictions, and the liability protection they provide has not been properly established in court.
Although dissolving your partnership is not as simple as halting operations and closing the doors, it does not have to be difficult.
When a partnership dissolves, the individuals involved are no longer legally partners, but the partnership continues until the business’s obligations are paid, its legal existence is dissolved, and the company’s residual assets are dispersed.
1. Review Your Partnership Agreement: If you and/or your partner(s) decide to end the relationship, make sure you follow the dissolution process outlined in the legal agreement. The agreement normally requires a majority vote to dissolve the business.
2. Discuss the Decision to Dissolve with Your Partner(s): You created your firm with your partner(s), and you should openly discuss dissolving it with them. You and your partner must examine your obligations, such as the company’s debts and future liabilities, as well as how you want to wind down the business.
3. File a Dissolution Form: To officially dissolve the partnership, you must file a dissolution of partnership form with the state where your company is based. This plainly specifies that you are no longer a partner or liable for the obligations of the business; it is a prudent measure to take.
4. Notify Others: Notify other parties of the dissolution, including employees, customers, the landlord, and any government agencies, such as the IRS, that have registered or issued a license to your company.
5. Close and settle all accounts: Notify all creditors of the dissolution. You should ensure that all of your debts are paid in full. All commercial bank accounts should be closed. Then, distribute all assets in line with your partnership agreement or any other agreement you make with your partners. If there is insufficient cash to meet the partnership’s commitments and responsibilities, get legal advice from a company attorney.