Setting-up a Business Partnership

legal work

A Partnership is a separate legal entity from that of the participants in the partnership. A partnerships consist of 2 or more individuals, and may either be a; general partnership, where partners have unlimited liability for the debts and obligation of the partnership, or a limited partnership, where one or more of the partners have unlimited liability and some partners have liability only up to the amount of their capital contributions. A partnership might be suitable for foreign companies wishing to venture into business in the Philippines.

Requirements:

• Registration with DTI or SEC (depending on partnership’s capital)
• Submission of duly notarized Articles of Partnership
• Submission of SEC form F-105 (for partnerships with foreign members)
• Procurement of licenses and clearances from necessary government offices
• Registration with BIR
• Registration with government offices (if employing individuals)
• Acquisition of business permit and mayor’s license

Procedure:

• Draft Partnership papers
• Present accomplished forms and documents to SEC for processing and evaluation
• Present verification from local bank of minimum paid up capital in trust account
• Present other requirements (for partnerships with foreign or Corporation members)
• Claim registration from records division
• Complete necessary applications with government agencies


Triple i Consulting’s services include:

• Creating a partnership agreement with the two parties
• Registering the partnership with SEC
• Securing the business permit
• Consulting with HR and labor matters
• Recruitment and executive search
• Outsourcing accounting and bookkeeping services
• Processing payroll and government filings
• On-going corporate compliance

Metro Manila Head Office

Address: 12F Sagittarius Building,
111, H.V. Dela Costa Street Salcedo Village, Makati City 1227
Tel: +63 (02) 5519012
+63 905 313 0064
Fax: +63 2 551 8052
Email: info@tripleiconsulting.com