
One Person Corporation vs. Single Proprietorship
Bakit hindi na lang single proprietorship? Bakit kailangan one person corporation pa? If you asked these questions, you’re not alone. So this article will discuss the differences between the two and outline the changes brought about by this newly signed law. What is Single Proprietorship? According to Chan Robles Virtual Law Library, a Single Proprietorship allows an individual to register his or her trade without the need of partners or any other person. In other words, it is the “simplest form of business organization.” It’s one of the reasons individuals opt for this type. What is One Person Corporation? As the term suggests, a one-person corporation is a corporation that does not require any other incorporators. One person is enough and even trust and estate can be a stockholder. With…