Filipino Virtual Lawyers

What is the Madrid Protocol

Posted by admin on April 6, 2017 | Comments Off on What is the Madrid Protocol

What is the Madrid System The Madrid System is a centralized filing and management procedure. Through the Madrid System you can file one international application, in one language (English, French or Spanish), and pay one set of fees in Swiss francs to obtain international registration in multiple territories. (World Intellectual Property Organization) What is the Madrid Protocol The... Read more »

New General Information Sheet (GIS) Forms

Posted by admin on March 17, 2017 | Comments Off on New General Information Sheet (GIS) Forms

New General Information Sheet (“GIS”) Forms Effective January 2017, the Electronic Records Management division (“ERMD”) of the Securities and Exchange Commission (“SEC”) shall only accept GIS filings that conform to the prescribed new GIS Form. The new GIS Form (version 2016) shall contain the following revisions, as provided under SEC Memorandum Circular No. 16, series... Read more »

The Doctrine of Corporate Opportunity

Posted by admin on March 17, 2017 | Comments Off on The Doctrine of Corporate Opportunity

The Doctrine of Corporate Opportunity It is well-settled in law and jurisprudence that a director of a corporation holds a position of trust. As such, he owes a duty of loyalty to his corporation. This duty of loyalty mandates the members of the Board to put the interests of the Corporation before their own. Being corporate managers, they are likewise expected to seek maximum profits... Read more »

Reportorial Requirements of Corporations with Primary License registered with the Securities and Exchange Commission (“SEC”)

Posted by admin on March 17, 2017 | Comments Off on Reportorial Requirements of Corporations with Primary License registered with the Securities and Exchange Commission (“SEC”)

Reportorial Requirements of Corporations with Primary License registered with the Securities and Exchange Commission (“SEC”) SEC-registered Corporations with primary licenses are mandated by law to submit the following reports, with the goal of promoting transparency and ensuring accountability among companies: General Information Sheet (“GIS”); and Audited... Read more »

Sending Notices to Stockholders and Members of the Board through E-mail

Posted by admin on March 21, 2016 | Comments Off on Sending Notices to Stockholders and Members of the Board through E-mail

Sending Notices to Stockholders and Members of the Board through E-mail Section 50 of the Corporation Code requires that a notice of writing of the meeting be given to the stockholders at least two weeks prior to a regular meeting and at least one week prior to a special meeting unless otherwise provided by the by-laws of the Corporation. Section 53 of the Corporation Code,... Read more »

Deductible Expenses from the Gross Income

Posted by admin on March 21, 2016 | Comments Off on Deductible Expenses from the Gross Income

Deductible Expenses Under the National Internal Revenue Code of the Philippines, valid business expenses may be deductible from the gross income in order to legally reduce a taxpayer’s taxable income. Understanding the concept of deductible expenses is of paramount importance especially to those who are engaged in a business. After all, business expenses are necessarily... Read more »