The Philippines offers a conducive environment for entrepreneurship, and setting up a business can be an exciting venture. One popular business structure is the Limited Liability Company (LLC), although it's technically referred to as a "domestic corporation" in the Philippines. This guide will provide an overview of LLCs, the business permit registration process, and key considerations for starting a business in the Philippines.
Understanding Limited Liability Companies in the Philippines
While the Philippines doesn't have a specific legal structure mirroring the LLC in other jurisdictions, the domestic corporation comes closest. It offers limited liability protection to its shareholders, meaning their personal assets are generally shielded from business debts and liabilities. This structure is suitable for various business sizes and industries.
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