Hi po mga ka reddit, I’ve signed up a business and am likely to make an application for BMBE. More info about the business I am starting, it’s a retail and I’ll haven’t any employees, just my own. I got my very own place that I use as my main office too.
Now the part where I am confused is the taxes. I’ve read that people gotta pay regular monthly tax (usually called percentage tax and usually 3%, only changes on special situations), and in addition we pay quarterly tax, the annual tax then. Now easily make an application for BMBE, will I pay just the 3% tax plus the annual? Also my sister just graduated and lately got her CPE permit. I asked her and she told me BMBE is just a little complicated to apply for since I will have to declare my assets.
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This really confuses me on how hard it’ll be and on how I can declare the property that I am using for business. I also went to BIR and asks some questions they only provided me hand-outs which doesnt really answer the confusing parts so when I tried to search some of them are a little contradicting. I am hoping someone could give me tricks for starters especially those who started small / micro before. Many thanks so much!
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You can learn more about SBA.gov’s loan programs here. You may ask yourself, what about companies that get funding through platforms like Kickstarter and Indiegogo? That’s called crowdfunding, which is a newer way of funding a business. Moreover, it typically doesn’t entail giving partial ownership of the business enterprise away.
Instead, it’s a way of getting funding not from potential co-owners, but from potential enthusiasts and customers who want to support the business idea, but not own it always. What you give donors in exchange is up to you — and typically entirely, people should come away with early usage of a product, or a particular version of a product, or a meet-and-greet with the founders. Find out about crowdfunding here. Only a very small percentage of businesses are either fit for venture capital or get access to it. The rest of the methods described earlier are available to the vast majority of new businesses.
If you’re searching for a significant amount of money to start your organization and can prove you can quickly grow its value, then venture capital funding is the right move for you almost certainly. VC financing typically occurs when a company can demonstrate a significant business opportunity to quickly grow the value of the company but requires significant capital to do so. Once you have a good business plan and the tools and funding to execute your goals, you’ll be on the road to starting your business. If you need some more motivation, read about how exactly to become a business owner next.
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