After deciding to start a business (and the particular business to pursue), one of the important issues is the form of business entity that will serve as the vehicle in pursuing the business. You may say that the next important issue is the source of funding, which is correct, but that issue will be discussed [...]
Archive for the 'Corporate and Investments' Category
Forms of Business: Sole Proprietorship, Partnership, Corporation
Published by December 18th, 2007 in Corporate and Investments. 3 CommentsBasics of the Lending Company Regulation Act of 2007 (RA 9474)
Published by December 10th, 2007 in Corporate and Investments. 2 CommentsOn 22 May 2007, Republic Act No. 9474, also known as the “Lending Company Regulation Act of 2007,” was approved. The law is consistent with the delcared policy of the State to regulate the establishment of lending companies and to place their operation on a sound, efficient and stable condition to derive the optimum advantages [...]
The Truth in Lending Act explained
Published by October 8th, 2007 in Banking and Corporate and Investments. 0 CommentsWhat is the “Truth in Lending Act”? It is Republic Act No. 3765, which is an act requiring the disclosure of finance charges in connection with the extension of credit. What is the policy behind the Truth in Lending Act? The declared policy behind the law is to protect the people from lack of awareness [...]
R.A. 9492 – holiday economics, movable holidays
Published by July 26th, 2007 in Corporate and Investments, Litigation and Labor Law and Obiter/News. 9 CommentsMaybe you’ve heard of the new law (Republic Act No. 9492) that seeks to “rationalize” the celebration of national holidays in the Philippines. The new law makes majority of the holidays “movable” to Mondays. In the event the holiday falls on a Wednesday, the holiday will be observed on the Monday of the week. If [...]
Criminal Cases and Insolvency
Published by June 25th, 2007 in Banking, Corporate and Investments and Criminal Law. 0 CommentsI often come across debtors dropping the hint of filing, or actually filing, a case for insolvency or bankruptcy just to bring home the (alleged) point that they have nothing more to cough out. It is true that once a petition for insolvency is granted, the debtor-insolvent is discharged from all his existing debts. The [...]
Additional Rules on Temporary Restraining Orders (TRO) on Foreclosures of Real Estate Mortgage
Published by February 27th, 2007 in Corporate and Investments, Litigation and Labor Law and Obiter/News. 3 CommentsThe Supreme Court has issued additional guidelines on the issuance of temporary restraining orders or writs of preliminary injunctions enjoining foreclosures of real estate mortgages. The additional rules will take effect on March 10, 2007. Here’s the full text of AM No. 99-10-05-O (Re: Procedure in Extrajudicial Or Judicial Foreclosure of Real Estate Mortgages, dated [...]
“No Return, No Exchange” store policy prohibited
Published by November 9th, 2006 in Corporate and Investments. 8 CommentsQ: What is the legal basis of the prohibition on “No Return, No Exchange” Policy of business establishments? A: Pursuant to the Implementing Rules and Regulations of R.A. 7394, or the Consumer Act of the Philippines, specifically Title III, Chapter I, Rule 2, Section 7 of Department Administrative Order (DAO) No. 2, series 1993, the [...]
DTI disallows higher price of purchases paid through cards
Published by November 3rd, 2006 in Corporate and Investments. 2 CommentsLast month, the Department of Trade and Industry (DTI) issued Administrative Order No. 10 (series of 2006), which prohibits, among others, the imposition of a surcharge, extra charge or additional charge in the use of credit cards, automated teller machine (ATM) cards and debit cards for payment of purchases of consumer products or services. In [...]
Management and HR Tools
Published by October 12th, 2006 in Corporate and Investments and Litigation and Labor Law. 2 CommentsOne of the major concerns of employers is labor, and it doesn’t matter if the employer is a big corporation with a Human Resources (HR) department or simply an entrepreneur/small and medium enterprise (SME). The employer hires, pays, manages, disciplines and fires employees. Problems inevitably arise in the process, and, based on the full-packed hallways [...]
Excessive and unconscionable interest rate
Published by September 19th, 2006 in Banking and Corporate and Investments. 7 CommentsWith the suspension of the Usury Law and the removal of interest ceilings, the parties are generally free to stipulate the interest rates to be imposed on monetary obligations. As a rule, the interest rate agreed by the creditor and the debtor is binding upon them. This rule, however, is not absolute. In a recent [...]
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