18 Questions
What is the primary purpose of acquiring a business permit?
To obtain a license to operate a business
Which professionals are exempt from paying business permit fees?
Lawyers, doctors, and accountants
Why is business registration often challenging?
Due to the complexity of registering with multiple agencies
What is the consequence of not registering with different government agencies?
Problems in the future
What is the primary registration requirement for a corporation or partnership?
Reserve a company name with the SEC
What can entrepreneurs do if they find business registration exhausting?
Seek help from business consulting firms
What is the primary function of the Department of Trade and Industry (DTI) in business registration?
Registering single proprietorship enterprises
What is the consequence of not registering a business name with the DTI?
An additional 50% of the registration fee as a penalty
What type of businesses does the Securities and Exchange Commission (SEC) register and supervise?
Corporations and partnerships organized in the Philippines
What is the validity period of a registered business name with the DTI?
5 years
What is not a result of registering a business name with the DTI?
License to operate a business
Why is registering a business with the relevant government agencies important?
To avoid business disruptions and penalties
Which government agency is responsible for regulating corporations, partnerships, and associations in the Philippines?
Securities and Exchange Commission (SEC)
What is the primary reason why enterprises must register with the SEC in the Philippines?
To engage in gainful business activities
Which government agency assesses and collects national internal revenue taxes, fees, and charges in the Philippines?
Bureau of Internal Revenue (BIR)
What is one of the benefits of registering with the SEC in the Philippines?
Entitlement to rights under corporate and investment laws
What is the primary function of the BIR in the Philippines?
Assessing and collecting internal revenue taxes
Why must corporations register with the BIR in the Philippines?
To comply with taxation requirements
Test your knowledge about the business permit in the Philippines, its importance, and the requirements to acquire one. Learn about the role of Local Government Units (LGU) and the taxes paid to operate a business in the country.
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