LEGAZPI CITY -- The Securities and Exchange Commission-Legazpi Extension Office (SEC-LEO) has presented options to businessmen to register as a one-person corporation.
Lawyer Norma A. Tan-Olaya, SEC-LEO Officer-in-Charge, in an interview on Thursday said under the guidelines prescribed by SEC Memorandum Circular No. 7 Series of 2019, limited liability may be enjoyed by the corporation as a separate personality distinct from the owner/stockholder.
"This means that in case of bankruptcy or inability to pay debts, the creditors of the corporation may only go after the assets of the corporation, thus, the assets of the owner/stockholder registered in his/her name and not considered as assets of the corporation are protected while this limited liability is not enjoyed by a sole proprietorship wherein creditors may go after the assets of the business owner/sole proprietor," she said.
The SEC-LEO recently issued a Certificate of Incorporation to Star Events and Exhibits, the first one-person corporation in Bicol Region with Celina B. Arabaca as sole incorporator and stockholder.
"If you don't have a partner and you want to have a corporation, it is now possible under the one-person corporation," Olaya said.
She said in view of the enactment of Republic Act 11232, or the Revised Corporation Code of the Philippines, the minimum number of incorporators of at least five persons has been removed, as well as the requirement that incorporators should be natural persons, prescribed under the now-repealed Batas Pambansa No. 68, or the Corporation Code of the Philippines.
Olaya urged those interested to register as one-person corporation or a corporation with two to four incorporators and/or with juridical persons as incorporators, to visit the SEC website @ www.sec.gov.ph or the SEC Legazpi Extension Office located at the Second Floor Chiniel (AVON) Building, Rizal Street, Albay District, Legazpi City or call (052) 480 - 8272. (PNA)
