Business Retirement


Small-Business-retirementPlanning to retire your business?  Well, I know its not just as easy as one, two, three.  Yes, it seems like retiring your  business is somewhat require a great deal of effort just like the time you started to open it. But, is it complex and difficult? Nope, and you can do it yourself, in fact, if you  are diligent enough preparing your documentation and the process.

Anyhow, the first step is to apply retirement via your Local Government Unit (City Hall / Municipal Hall) under the Office of City Treasurer.  Here are the requirements for your easy reference.

  1. Duly accomplished retirement application form.  You can secure this from the Office of the City Treasurer Examination Division.  The form must be originally signed by the owner/President or Vice President with Location Map.
  2. Original Tax Bill and Official Receipts  (3 years).
  3. Original Business Permit (latest)
  4. Original Affidavit of Closure with exact effectivity date of closure for Single Proprietorship.  Original Partnership Dissolution with exact effectivity date of closure original signed by all Partners for Partnership.  And for Corporation, original Secretary’s Cerfiticate or Board Resolution on closure of business with exact effectivity date of closure.
  5. Valid ID
  6. Original Barangay Certificatewith exact effectivity date of closure.
  7. BIR Certificate of Registration (Original to be presented & photocopy to be submitted)
  8. Original Certified Breakdown of Sales.
  9. Proof of business payment (Original to be presented & photocopy to be submitted).
  10. Latest Income Tax Return (ITR) with Audited Financial Statements (AFS) on or before closure from the last payment of business operations (Original to be presented & photocopy to be submitted).
  11. VAT / Percentage Tax Returns (Original to be presented & photocopy to be submitted).
  12. Books of Accounts (to be presented upon evaluation /actual inspection and examination).

So there, the complete requirements.

 

 

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Requirements: Business Permit Renewal (Corporation)


A business permit is required to any person, group or corporation who establishes, operates, conducts or maintain their business with a municipality or city.  It should be renewed annually on or before the 20th of January.

Here are the requirements for business permit renewal for a Corporation.

1) Application form duly filled-up & notarized with location sketch of place of business. Normally, the form is available at the business permits & licensing office of your municipality or city.

2) Current Barangay Clearance.

3) SEC Registration & Article of Incorporation.  CDA Accreditation if Cooperative.

4) Official Receipt for the previous Business Permit.

5) Original or Copy of previous Business Permit.

6) Real Property Tax (RPT) if you owned the property where your business is situated.

7) Lease Contract if you are occupying the property under lease agreement.

8) Occupancy Permit.

9) Certificate of Gross Receipts for the previous year signed by the President or Treasurer.

10)Audited Financial Statements from previous year stamped received by the BIR or Quarterly VAT retuns (BIR Form 2550Q) or Quarterly Percentage Tax Returns (BIR Form 2551Q) or Monthly VAT Returns (BIR form 2550M) or Monthly Percentage Tax Returns (BIR Form 2551M).

11) List of employees and their addresses.

12) Recent Community Tax Certificate (Cedula).

13) Official Receipt or Insurance Policy (CGL).

14) Recent Official Receipt for Fire Safety Insurance Certificate.

Please take note that the business permit must be displayed in  a prominent, “easy to see” spot within the establishment’s premises.