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Domestic Incorporation

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DOMESTIC INCORPORATION

Domestic incorporation is a type of business registration in the Philippines in which a business entity is established as a separate legal and taxable entity from its owners or shareholders. This means that the business has its own legal personality and can enter into contracts, own property, sue or be sued, and engage in other legal transactions in its own name.

Once the business is incorporated, the owners or shareholders have limited liability for the debts and obligations of the business, and the business income and expenses are reported separately from their personal income on corporate tax returns.

A domestic incorporation is a popular option for businesses that plan to expand, raise capital through investments, and engage in more complex business transactions. However, it requires more paperwork, formalities, and compliance requirements compared to sole proprietorship or partnerships.

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