Breaking out from current partner. Starting from scratch

[Lucius]

Guys, need to put up my own company asap.

Either I do it alone, or I do it with a very good professional contact. What should I do, sole proprietor or partnership? How long does acquiring a business permit usually take?

The nature of business is primarily IT. But pwede din for media and design.

[Altis6453]

** double post **

[Altis6453]

I suggest you go with either a corporation or partnership (if you have a partner) so that you can protect your personal assets from the liabilties of your company.

Thing is, setting one up takes some time (usually 1-2 months) from registration with SEC to getting the permits and licenses (i.e. BIR registration, printing of ORs, mayor's permit, etc).

If you have existing contracts or clients that can't wait, you can enter into an agreement as an individual first and then assign it to your company once its been duly registered and the licenses procured.

HTH!