Can an employer apply for an exemption or deferment from paying the thirteenth-month pay?
Presidential Decree No. 851 strictly prohibits payment deferments and requires employers to submit an online compliance report by January 15.
Can an increase in the minimum wage be offset by paid service charges?
Under Article 96 of the Labor Code, service charges cannot be considered in determining compliance with increased minimum wage orders.
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Navigating Cloud Outsourcing: Legal Compliance for Regulated Industries
This article talks about Navigating Cloud Outsourcing and Legal Compliance for companies
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What is the consequence of a license contract not conforming to the law?
License agreements that violate mandatory legal provisions are unenforceable unless they receive special approval and registration.
What is the consequence of a license contract not conforming to the law? Read More »
When may an arbitration agreement be included in a corporation’s articles of incorporation or bylaws, and what types of disputes are covered?
When may an arbitration agreement be included in a corporation’s articles of incorporation or bylaws, and what types of disputes are covered? An arbitration agreement may be provided in the articles of incorporation or bylaws, but only for an unlisted corporation (SEC. 181, Revised Corporation Code of the Philippines). When such an agreement exists, disputes
What details must be included in the notice accompanying a stockholders’ meeting when the meeting is for the election of directors?
What details must be included in the notice accompanying a stockholders’ meeting when the meeting is for the election of directors? Each notice of a stockholders’ meeting must be accompanied by several documents, including the agenda and a proxy form (SEC. 50, Revised Corporation Code of the Philippines). Specifically, when the meeting is scheduled for
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
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
What two specific reports, in addition to the standard annual financial statement and GIS, must corporations vested with public interest submit?
What two specific reports, in addition to the standard annual financial statement and GIS, must corporations vested with public interest submit? Corporations vested with public interest are subject to heightened reporting requirements beyond the general annual financial statements and general information sheet (SEC. 177, Revised Corporation Code of the Philippines). These entities must submit a
What two primary reportorial requirements must every corporation, domestic or foreign, submit annually to the SEC?
What two primary reportorial requirements must every corporation, domestic or foreign, submit annually to the SEC? Every corporation, whether domestic or foreign, doing business in the Philippines must submit two primary reportorial requirements annually to the SEC (SEC. 177, Revised Corporation Code of the Philippines). These reports include the annual financial statements audited by an
