Who may organize as a One Person Corporation under the Revised Corporation Code of the Philippines?
Only a natural person of legal age, trust or an estate may form a One Person Corporation (OPC). (Section 116, Revised Corporation Code)
Search Results for: One Person Corporation
One Person Corporation
The Old Corporation Code (Batas Pambansa Bilang 68) required that a corporation must have at least five (5) incorporators. Consequently, a single stockholder who cannot form a group of five incorporators had no choice but to register their business as sole proprietorship. However, with the passage of the Revised Corporation Code (Republic Act No. 11232) Read more about One Person Corporation[…]
SETTING UP A ONE PERSON CORPORATION
Read also: The Basics on How to Form a Corporation in the Philippines The Old Corporation Code (Batas Pambansa Bilang 68) required that for setting up a corporation, there must at be least five (5) incorporators. However, with the Revised Corporation Code (Republic Act No. 11232) which was approved last 20 February 2019, a single Read more about SETTING UP A ONE PERSON CORPORATION[…]
Online Registration System for One Person Corporation and Corporations with 2-4 Incorporators
Image Source Published — June 1, 2022 The following post does not create a lawyer-client relationship between Alburo Alburo and Associates Law Offices (or any of its lawyers) and the reader. It is still best for you to engage the services of your own lawyer to address your legal concerns, if any. Also, the matters contained Read more about Online Registration System for One Person Corporation and Corporations with 2-4 Incorporators[…]
Sole Proprietorship vs. One-Person Corporation
A One-Person Corporation is a corporation with a single stockholder. (Section 116, Revised Corporation Code)
Can an ordinary corporation be converted into a one-person corporation?
When a single stockholder acquires all the stocks of an ordinary stock corporation, the latter may apply for conversion into a One Person Corporation (OPC), subject to submission of documents which the Securities and Exchange Commission may require.
What is the role of a nominee in a one-person corporation?
In the event of the single stockholder’s death or incapacity, the nominee shall take the place of the single stockholder as director and shall manage the corporation’s affairs. (Section 124, Revised Corporation Code)
Pros and Cons of a Corporation
Corporations offer a range of advantages, including limited liability, access to capital, perpetual existence, enhanced credibility, and the ability to attract talent. However, they also come with drawbacks such as complexity, double taxation, regulatory burdens, potential conflicts of interest, and reduced personal control.
When is there a corporation by estoppel?
The doctrine of corporation by estoppel is founded on principles of equity and is designed to prevent injustice and unfairness. It applies when a non-existent corporation enters into contracts or dealings with third persons. In which case, the person who has contracted or otherwise dealt with the non-existent corporation is estopped to deny the latter’s legal existence in any action leading out of or involving such contract or dealing.
The Supreme Court decides: The law presumes that a person takes ordinary care of their concerns and that private transactions have been fair and regular. Hence, negligence cannot be presumed but must be proven.
Settled is the rule that in actions based on quasi-delict, it is incumbent upon the plaintiff to prove the presence of the foregoing elements by preponderance of evidence. They cannot rely on mere allegations but must present such evidence more convincing as worthy of belief than that which is offered in opposition thereto.
In this case, however, while the death certificate shows the damage or injury sustained by Adelaida, specifically, cerebral hemorrhage and severe hypertension, the totality of the evidence failed to establish the second and third elements of a quasi-delict.