Ease of Fundraising

It is more challenging to raise funds as a sole proprietor. Having partners provides you more means to gain funding as well as the preferential advantage with lenders.

Simple Setup and Formation

Unlike establishing a corporation, it is much simpler to register your company as a partnership. The requirements are almost the same as registering as a sole proprietor. The only additional requirement is the inclusion of the Articles of Partnership. 

Flexibility & Efficiency

Through this form of business structure, each partner can take over certain aspects of the business they are most knowledgeable about. This results in a better-managed operation.

The registration process with the Security and Exchange Commission or SEC is relatively straightforward. However, you do need to prepare several documents beforehand in order to accomplish the procedure:

• Name Verification Slip
• Articles of Partnership
• Joint Affidavit (not required if already stated in Articles of Partnership)
• Registration of data-sheet
• Certificate of Bank Deposit
• Name of the partnership
• Principal office address
• Profile information of the partners
• Taxpayer Identification Number (TIN) of the partners
• Capital contribution of the partners
• Purpose of the partnership
• Endorsement of Clearance (from other government agencies)
• FIA Form 105 (if you have a foreigner partner)

Our team here at Loft can help you complete all the requirements and steps needed in order to register your company. Inquire about our packages today.