Work Immersion

Which type of business ownership is used when two or more people join together to start a business and have unlimited liability?

• sole proprietorship

• cooperative

• partnership

• corporation

A ____________ forms boards to act as governing bodies. It is the most complicated form of business.

• franchise

• partnership

• sole proprietorship

• corporation

Below is a step-by-step process for registering a sole proprietorship in the Philippines except one.

• Buying books of accounts (available at any bookstore) which will be later submitted to the BIR for stamping

• Register with the Mayor’s Office to acquire a Mayor’s Permit

• Register a business name with DTI to acquire a DTI Certificate of Registration

• Register with the Bureau of Internal Revenue (BIR) to acquire a Certificate of Registration

Below is the list of requirements for starting a Sole Proprietorship in the Philippines except one.

• Valid government-issued IDs (Driver’s License, GSIS, SSS, PRC License)

• Minimum capital requirement deposited in a local bank

• Statement of Assets and liabilities

• Business Permit and Mayor’s License from the municipal office

Registration of business must be done not later than thirty days from the date of commencement of business.

• True

• False

Capital is wealth in the form of money or property.

• True

• False

__________ are words, symbols, names or devices used to specify goods and differentiate one good from others.

• Patents

• Trademarks

• Copyrights

• Licenses

Patents are issued by state governments.

• True

• False