Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

BUSMAN > Topic 1 > Flashcards

Topic 1 Flashcards

(58 cards)

Start Studying
1
Q

is the process of legally establishing your business entity, allowing it to operate
under the law.

A

Business Registration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Business Registration Purpose

A
  1. Ensures your business is recognized by the government.
  2. Allows you to sign contracts, hire employees, and pay taxes.
  3. Establishes legal identity and credibility.
  4. Enables access to government and private projects.
  5. Provides protection for your business name.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Importance of Business Registration in the Design and Construction Industry

A
  1. Ensures compliance with industry regulations.
  2. Builds trust among clients and stakeholders.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

STEPS OF REGISTRATION

A
  1. DTI
  2. BARANGAY
    3.MAYOR
  3. BIR
  4. BUSINESS PERMIT
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

-Owned and operated by one
person.
-Easiest and least expensive to set
up.
-Owner assumes all profits and
liabilities.

A

Sole Proprietorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Types of Business Entities

A
  1. Sole Proprietorship
  2. Partnership
  3. Corporation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

In sole proprietorship Payment of fees (_____depending on the scope)

A

200-2,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Other term for Mayo’s Permit

A

Business Permit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

● Easy to set up and manage.
● Lower registration costs.
● Full control over the business.

A

Pros of Sole Proprietorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Cons of Sole proprietorship

A

● Unlimited liability (personal assets are at risk).
● Limited funding options.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

● Two or more people share
ownership.
● Profits and responsibilities are
divided based on the partnership
agreement.

A

Partnership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

DTI is for____
SEC for ____

A

Sole proprietorship, Partnership and Corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

SEC means

A

Securities and Exchange Commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Pros of Partnership:

A
  1. Shared responsibilities and resources.
  2. More sources of capital compared to
    sole proprietorship.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Cons of Partnership:

A

● Partners share liabilities.
● Potential for conflicts between
partners.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

● A separate legal entity from its
owners.
● Provides liability protection but is
more complex to set up.

A

Corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Proof of capital subscription (minimum ₱____for stock corporations)

A

5,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Pros of Corporation:

A

● Limited liability (shareholders’
personal assets are protected).
● Easier access to funding through
stocks or loans.
● Perpetual existence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Cons of Corporation:

A

● Higher registration and operational
costs.
● More regulatory compliance (e.g.,
annual reports to SEC, board
meetings).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Additional Requirements for All Types

A
  1. Social Security System (SSS) Registration:
  2. PhilHealth and Pag-IBIG Fund Registration
  3. Fire Safety Compliance
  4. Occupancy Permit
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Required for businesses with employees

A

Social Security System (SSS) Registration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

PhilHealth and Pag-IBIG Fund Registration

A

Mandatory contributions for employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Fire Safety Inspection Certificate (FSIC) from the Bureau of Fire Protection

A

Fire Safety Compliance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Required for businesses operating in commercial spaces

Study These Flashcards
A

Occupancy Permit

25
Responsible for registering business names for sole proprietorships.
Department of Trade and Industry (DTI)
26
Handles the registration of partnerships and corporations.
Securities and Exchange Commission (SEC)
27
○ Required for partnerships and corporations. ○ Creates a legal entity separate from its owners. ○ Governed by the Corporation Code of the Philippines
SEC
28
The primary tax collection agency, responsible for issuing Tax Identification Numbers (TINs) and registering businesses for tax purposes.
Bureau of Internal Revenue (BIR)
29
BIR means
Bureau of Internal Revenue
30
PRC means
Professional Regulation Commission
31
Licenses and regulates professionals, including architects and engineers.
Professional Regulation Commission (PRC)
32
Cities and municipalities issue business permits and licenses to operate within their jurisdiction.
Local Government Units (LGUs)
33
Licenses and regulates contractors in the construction industry.
Philippine Contractors Accreditation Board (PCAB)
34
Official registration of a business name with DTI (sole proprietorship) or SEC (partnerships and corporations)
Business Name Registration
35
A document from the barangay certifying that a business complies with local community requirements
Barangay Clearance
36
Issued by the city or municipality where the business operates, ensuring compliance with zoning and local ordinances.
Mayor’s Permit (Business Permit)
37
A mandatory license for construction firms to legally operate. Includes classifications for small, medium, and large-scale contractors.
PCAB License
38
Issued during project design to ensure compliance with fire safety standards.
Fire Safety Evaluation Clearance (FSEC)
39
40
FSEC means
Fire Safety Evaluation Clearance
41
Granted after construction to certify that the structure meets fire safety regulations.
Fire Safety Inspection Certificate (FSIC)
42
FSIC means
Fire Safety Inspection Certificate
43
Certifies that a completed structure is safe and compliant for use.
Occupancy Permit
44
For employee coverage
Social Security System (SSS)
45
For employee health insurance
Philippine Health Insurance Corporation (PhilHealth)
46
For employee housing loans
Home Development Mutual Fund (Pag-IBIG Fund)
47
The agency that oversees labor laws, including safety protocols and conditions on construction sites.
DOLE (Department of Labor and Employment)
48
Government Procurement Reform Act, governs public bidding for projects to ensure transparency and fairness.
RA 9184
49
Certifies that a project complies with environmental laws and will not significantly harm the environment.
Environmental Compliance Certificate (ECC)
50
Ensures compliance with sanitation and hygiene standards.
Sanitary Permit
51
for quality management systems.
ISO Certification
52
compliance certifications from DOLE.
Occupational Safety and Health Standards (OSHS)
53
OSHS means
Occupational Safety and Health Standards (OSHS)
54
DENR means
Department of Environment and Natural Resources
55
ECC means
Environmental Compliance Certificates
56
____ from DENR for projects affecting the environment
Environmental Compliance Certificates (ECC)
57
ISO means
International Organization for Standardization
58

BUSMAN (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions