Sole Proprietorship
A sole proprietorship business is registered at Department of Trade and Industry or DTI (for Philippines only). A person contemplating to register a sole proprietorship has to accomplish a DTI Business Name Application Form and submit such form to DTI office and pays the corresponding registration fees and documentary stamps. Then, claim on the date due the Business Name Certification from DTI.
Service or Servicing Business
Entities engaged in providing services for a profit is said to be in a Service Business or Servicing Business.
The primary product this business sells is the "services" it offers. Service Business has no physical product to sell to clients or customers. Those in this business normally perform or render services which aim to assist or facilitate the work of their clients or customers in exchange for a fee.
Small service business examples are laundry shop, barber shop, beauty parlor, repair shop, etc.
For big servicing business examples are law firms, accounting firms, transportation service, educational institutions, financial institutions, etc.
Operating Cycle of a Service Business
