Legal Answers

Brief Answers to Specific Questions about Philippine Law

What financial limits determine whether a corporation’s financial statements may be certified by its officers instead of an independent auditor?

What financial limits determine whether a corporation’s financial statements may be certified by its officers instead of an independent auditor? The general rule requires annual financial statements to be audited by an independent certified public accountant for submission to the SEC (SEC. 74, Revised Corporation Code of the Philippines). However, if the corporation’s total assets

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What must the minutes of the most recent regular meeting contain regarding voting procedures and results?

What must the minutes of the most recent regular meeting contain regarding voting procedures and results? The minutes of the most recent regular meeting must be presented at the subsequent regular meeting, and they must include specific details regarding the voting process (SEC. 49, Revised Corporation Code of the Philippines). This record must contain a

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What must the articles of incorporation of a One Person Corporation state if the single stockholder is a trust or an estate?

What must the articles of incorporation of a One Person Corporation state if the single stockholder is a trust or an estate? The Articles of Incorporation of a One Person Corporation (OPC) must comply with standard requirements but include additional specifics if the single stockholder is a trust or an estate (SEC. 118, Revised Corporation

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