Taxes and Business Organization

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6 Terms

1
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Architectural Firm

A sole proprietorship, partnership, or corporation registered with government agencies to provide architectural services.

2
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Practice of Architecture

A professional service where admission is based on individual personal qualifications.

3
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Single Proprietorship

A business owned and operated by a single individual without legal formalities.

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Partnership

An artificial entity with a legal personality separate from its partners, created by law.

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Corporation

A business entity formed upon receiving a Certificate of Registration from the SEC and approval of Articles of Incorporation and By-Laws.

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Income Tax Rates

Governed by Section 24(A)(2) of the Tax Code of 1997, as amended by Republic Act No. 10963.