Sole Proprietor Business? Follow This Checklist!

Sole Proprietor Business? Follow This Checklist!

Be a responsible business owner!

In doing business, entrepreneurs are expected to follow the standard registration procedure. This way, you’ll get a go-signal to operate, hire manpower, and earn an honest living. Make sure you have these ready when you’re about to introduce your products or services.

Trade Name

A trade name refers to what your business will be known as once you deal with customers. You need to have your trade name registered, which will also let you see if it’s ok to use or if you need to think of another one.

If you are someone who will oversee the business personally, such as being responsible for debts and salaries, sole proprietorship will be your category. In this case, go to the Department of Trade and Industry to register your trade name.

Business Permit

The municipality or barangay you’ll be operating in will also need your records. This way, they will have assurance that your business runs as a community-friendly establishment. As long as you follow the ordinances of the local government unit, there should be no reason to have your business permit revoked.

Tax Documents

As with other business types, sole proprietorships also need to register at the Bureau of Internal Revenue. The BIR will handle tax contributions, receipts, invoices, and other similar files that your business makes. Coordinating with the BIR ensures that your tax obligations are met.

Mandatory Contributions

The employees working under the sole proprietorship ideally have to get their mandatory contributions covered. They’ll need to get registered to PhilHealth, Social Security System, Pag-IBIG, HDMF. This way, their contributions will be remitted in an orderly manner and reflected on their accounts.Sources: ABS-CBN NewsMoney Max

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