Under Presidential Decree No. 851, thirteenth-month pay is a mandatory benefit equivalent to one-twelfth of an employee’s annual basic salary.
What is the legal definition of thirteenth-month pay? Read More »
A service charge is an amount added to a bill for services rendered, defined under Article 96 of the Labor Code.
What is the legal definition of a service charge? Read More »
Industrial designs are compositions or forms providing special appearances and serving as patterns for industrial products.
What is the legal definition of an Industrial Design in the Philippines? Read More »
Integrated circuits are products with integrated active elements designed to perform specific electronic functions.
How does the law define an Integrated Circuit? Read More »
Layout-designs are three-dimensional dispositions of active elements and interconnections within an integrated circuit structure.
What is a Layout-Design according to the Intellectual Property Code? Read More »
What conditions must a foreign corporation meet regarding its home country’s laws to be eligible to transact business in the Philippines? A foreign corporation is defined as one formed, organized, or existing under laws other than those of the Philippines (SEC. 140, Revised Corporation Code of the Philippines). Crucially, its laws must allow Filipino citizens
What is the fundamental definition of a nonstock corporation regarding its income? For the purposes of this Code, a nonstock corporation is fundamentally defined as one where no part of its income is distributable as dividends to its members, trustees, or officers (SEC. 86, Revised Corporation Code of the Philippines). This principle remains true even
What is the fundamental definition of a nonstock corporation regarding its income? Read More »
What three provisions must the articles of incorporation of a close corporation contain regarding its stock? A close corporation is defined as one whose articles of incorporation provide three specific restrictions regarding its issued stock (SEC. 95, Revised Corporation Code of the Philippines). First, all the corporation’s issued stock of all classes, exclusive of treasury
How are treasury shares defined, and how may they be subsequently disposed of? Treasury shares are defined as shares of stock that have been previously issued and fully paid for, but which the issuing corporation subsequently reacquires (SEC. 9, Revised Corporation Code of the Philippines). This reacquisition can occur through various lawful means, such as
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What is the fundamental definition of a corporation under the Code? A corporation is legally defined as an artificial being, meaning it is an entity distinct from its owners, which is established exclusively by the operation of law (SEC. 2, Revised Corporation Code of the Philippines). This entity is endowed with the right of succession,
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