legal Free Legal Advice

[R@v3n]

does anyone already have IE7?

<{POST_SNAPBACK}>

 

I still prefer FireFox...even if/when it emerges from beta...

Edited August 18, 2005 by R@v3n

[bubuy]

dude, IE7 is still in stage 1 of beta testing.

stage 1 is beta testing for developers;

this means nasa technical evaluation palang.

 

kung gusto mo test, register ka sa MSDN.

<{POST_SNAPBACK}>

thanks bro..

 

I still prefer FireFox...even if/when it emerges from beta...

<{POST_SNAPBACK}>

Firefox din naman ang gamit ko, but for the sake of testing lang..

 

pangit naman ung nasanay ka magdrive ng ferrari di ka na susubok magdrive ng lamborghini..

[cdma]

I would like to form a Corporation in the Philippines that is like a C-Corporation in the USA. This just a General Full Corporation and not a Limited Liability / partnership/etc. In the USA, the incorporator can be few as a single individual who owns 100% of the shares. The advantages of a Full Corporation (for business & legal purposes) is that it is a legal entity and all debts of corporation stays with the corp and does not hold the individual shareholders' personal assets liable.

 

My question is this: What are the requirements to form a Corporation in the Philippines, to engage in any and all trades allowed by law? All answers are appreciated.

<{POST_SNAPBACK}>

 

Let me add a few things:

 

1. A corporation organized under and by virtue of Philippine laws has a personality separate and distinct from its shareholders. It is a juridical person. The assets and liabilities of the corporation belong to the company, and the shareholders are not liable for company debts.

 

2. As correctly pointed out, you need at least five natural persons to incorporate. They must be of legal age and majority of whom must be residents of the Philippines. Each of the incorporator of a stock corporation must subscribe for at least one share.

 

3. A corparation may either be stock or non stock. Stock corporations have capital stock divided into shares and are authorized to distribute dividends on the basis of shares held. All others are called non stock.

 

4. The Articles of Incorporations must have the following information:

 

a. The name of the corporation

b. The primary purpose and secondary purposes for which the corporation is organized. Only one primary purpose is allowed. There are certain purposes which require special permits or licenses from other governtment agencies. (note: a corporation cannot engage in any and all trades allowed by law but only in those trades included in the purposes indicated. There are nationality requirements for certain types of business.)

c. The place where the principal office is to be located, which must be within the Philippines.

d. The term of existence, usually 50 years.

e. The names, nationalities and residences of the incorporators.

f. The number of directors(5 to 15) and their names, nationalities and residences.

g. If a stock corporation, the amount of its authorized capital stock in Pesos, the number of shares into which it is divided, and the par value of each share ifthe shares are par value shares. It must also include the names, residences and nationalities of the original subscribers. (Subscribers may include another company. Some types of corporations are required to have a minimum authorized and paid up capital. )

 

5. At least 25% of the authorized capital stock must be subscribed for and at least 25% of the subscribed capital must be paid for at the time of incorporation. ( Subscriptions of non Filipinos must be fully paid) A Treasurer's Affidavit is required to affirm the above.

 

6. By-laws are also required and are usually filed together with the Articles of Incorporation.

 

7. A registration data sheet which conatains basically the same information is also required.

 

8. A registration fee is charged on the basis of the authorized capital stock

 

Filings are made with the Securities and Exchange Commission. Forms of the required documents are available there.

 

Hope this helps.

[redax]

You are one very helpful person cdma and you are very fortunate genius8. Now you don't have to go to SEC to find out if you can do it on your own. Hope you haven't gone yet. Never would have thought you'd get such a comprehensive reply to your query taking into consideration the length of time that has elapsed since then. More power to you cdma.

[Kurtsky Keigee]

firefox parin kasi daming di pde sa IE eh

[l3v3l]

firefox parin kasi daming di pde sa IE eh

<{POST_SNAPBACK}>

 

yup.. CSS is broken in IE..

[Kurtsky Keigee]

problem solved

Edited August 23, 2005 by kUrTsKY

[bRIX]

i bet IE7 will be a resource hog..

[habits]

m thinking of a topic for my legal thesis...i want to tackle BLOGGING ....any issue aside from admissibility as evidence? i want to handle accountability of BLOGGERS sana in general ..is it legally feasible and defendable

[cdma]

You are one very helpful person cdma and you are very fortunate genius8. Now you don't have to go to SEC to find out if you can do it on your own. Hope you haven't gone yet. Never would have thought you'd get such a comprehensive reply to your query taking into consideration the length of time that has elapsed since then. More power to you cdma.

<{POST_SNAPBACK}>

 

Thanks redax... However, you are too generous with your compliments. We want foreign investors to do business here, don't we? :cool:

[gabriel64]

You are one very helpful person cdma and you are very fortunate genius8. Now you don't have to go to SEC to find out if you can do it on your own. Hope you haven't gone yet. Never would have thought you'd get such a comprehensive reply to your query taking into consideration the length of time that has elapsed since then. More power to you codammanus.

<{POST_SNAPBACK}>

 

 

Yes, cdma gave you the full reply - great one too. If you do decide to go to the SEC, ask for the express lane form - that is a complete "kit" of incorporation papers. That way, you do not have to draft everything yourself. Note that the express lane form can usually answer for the usual types of corporations. What kind of company do you intend to form, if you don't mind my asking?

[genuis8]

I would like to thank the 3 gentlemen who provided complete insights. It seems the requirements have not yet changed for the last 20 years. I was trying to decide whether a Corporation would be better or just a Simple Business Partnership would suffice. I like the financial & legal protection offered by a Corporation since it is a separate Legal Entity.

 

My longtime friend has convinced me to invest several smalls over the last 10 years, and recently I invested an amount of money into a joint venture w/ him to start a fish farm raising tilapia. We are currently undergoing construction to convert the rice farmland into a fishpond. I already had a long pipe and deep well dug several years ago, with matching engine to pump water.

 

I am thinking about formalizing the venture and making a business plan for the future, hence, the question about Corporation or Partnership. Thanks to all for your input.

[gabriel64]

m thinking of a topic for my legal thesis...i want to tackle BLOGGING ....any issue aside from admissibility as evidence? i want to handle accountability of BLOGGERS sana in general ..is it legally feasible and defendable

<{POST_SNAPBACK}>

 

a BLOG is like an internet newsletter right? If it can be published and passed around, why not check the criminal issues - e.g. libel through internet BLOGGING.

 

Just make sure you focus your thesis on one or a few issues only as you can easily lose focus and then lose control of your topic. good luck.

[hitman531ph]

Too many song revivals of foreign songs...

 

Bad revivals:

 

Buratney Spears version of The Rolling Stones' I Can't Get No Satisfaction

Buratney Spears version of Bobby Brown's My Prerogative

 

 

Overload of song revivals from local artists...

 

They claim that royalties are not enough to pay for their creativity which results in no motivation to create new original compositions.

 

Baloney!

[Ice]

hey there, just thought you might be interested in this info.

 

Globelines Broadband postpaid internet subscription is currently giving out a 50% discount on its monthly rates on selected areas until August 31, 2005.

 

We are also looking for Potential Business Partners who could reffer potential subscribers on a part time or full time basis. There is no cash investment as a Business Partner. All you have to do is send us refferals of people who would like to subscribe to us and we shall give you 50 up to 100% commission on the 1st monthly service fee (up to P10,000/refferal) for your efforts.

 

if youd like to find out if your area is included in the 50% discount promo or would like to earn and become a business partner, please send me an email at ice.yulo@innove.com.ph or snlyulo2003@yahoo.com