Business is a a field of endeavor. We engage in business for the purpose of attaining an objective, that is profit. Here’s my little guide in creating a business here in Philippines.

How do we start a business?

A business is started by investing the personal money or funds of the owner. The money in the meantime becomes the money of the business.

After deciding to start a business, the next question will be the type of business activity we shall engage in.

Types of Business Activity

Service Business – income is derived from services rendered.
Merchandising – type of business engaged in buying and selling goods or merchandise.
Manufacturing – a business engaged in transforming raw materials into finished products.

After deciding the type of business, the next query will be the form of business organization. Will I manage it alone? Shall I take a partner or will I form a corporation?

Forms of Business Organization

Single or Sole proprietorship – an organization owned by only one person
Partnership – an organization whereby two or more persons contribute money, property, or industry into a common fund and then divided the profits among themselves.
Corporation – an organization composed of five or more persons not exceeding fifteen registered with Securities and Exchange Commission (SEC) having the rights, powers, and attributes of a person.

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