Individual: (Self-employed, Professionals, Freelancers)
Individual: (Self-employed, Professionals, Freelancers)
It is a form of business owned by a single person, A self-employed individual who practices his/her profession or calling, “with or without” license under a regulatory board or body. Professionals with a license under a regulatory board include Certified Public Accountants (CPAs), practicing lawyers, doctors of medicines, dentists, architects, engineers,teachers, Insurance agents and Real estate agents. Bloggers, internet marketers, web designers, writers and other persons who provide specialized services can also be considered professionals, though they may not have professional licenses under a regulatory body.
Pros:
- There is little paperwork needed. You only need to apply and pay the Occupational Tax Receipts (OTR) if you do not have professional licenses under a regulatory body (Bloggers, internet marketers, web designers, writers), and or Professional Tax Receipts (PTR) if you have a license under a regulatory body (Certified Public Accountants (CPAs), practicing lawyers, doctors of medicines, dentists, architects, engineers, teachers, Insurance agents, and Real estate agents)
- Since you are the sole owner, you have complete control over business decisions. You also get to enjoy and keep all the profits from the business.
Cons:
- You are personally and fully liable for your business’ debts. This means a person suing your business could make a claim against your personal.
- It may be difficult for you to attract investors or capital since it is closely linked to your personal