Scribd Logo
Upload

Welcome to Scribd!

  • 27 views

    Corporation Joint Accounts

    Uploaded by

    Nineteen Aùgùst
    Corporations are artificial beings created by law to have rights and powers authorized by law. The Tax Code defines corporations broadly to include one-person corporations, partnerships, joint stock companies, joint accounts, associations, and insurance/mutual fund companies. Joint ventures are commercial undertakings by two or more persons for a single project or goods, and can be tax exempt if they involve local contractors pooling resources on infrastructure projects. Joint stock companies involve a group acting jointly to establish and operate a business with transferable shares, while joint accounts involve one party contributing capital to another's business in exchange for a share of profits and losses.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Corporation Joint Accounts

    Uploaded by

    Nineteen Aùgùst
    27 views6 pages
    Corporations are artificial beings created by law to have rights and powers authorized by law. The Tax Code defines corporations broadly to include one-person corporations, partnerships, joint stock companies, joint accounts, associations, and insurance/mutual fund companies. Joint ventures are commercial undertakings by two or more persons for a single project or goods, and can be tax exempt if they involve local contractors pooling resources on infrastructure projects. Joint stock companies involve a group acting jointly to establish and operate a business with transferable shares, while joint accounts involve one party contributing capital to another's business in exchange for a share of profits and losses.

    Original Title

    Corporation-Joint-Accounts

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Corporations are artificial beings created by law to have rights and powers authorized by law. The Tax Code defines corporations broadly to include one-person corporations, partnerships, joint stock companies, joint accounts, associations, and insurance/mutual fund companies. Joint ventures are commercial undertakings by two or more persons for a single project or goods, and can be tax exempt if they involve local contractors pooling resources on infrastructure projects. Joint stock companies involve a group acting jointly to establish and operate a business with transferable shares, while joint accounts involve one party contributing capital to another's business in exchange for a share of profits and losses.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    27 views6 pages

    Corporation Joint Accounts

    Uploaded by

    Nineteen Aùgùst
    Corporations are artificial beings created by law to have rights and powers authorized by law. The Tax Code defines corporations broadly to include one-person corporations, partnerships, joint stock companies, joint accounts, associations, and insurance/mutual fund companies. Joint ventures are commercial undertakings by two or more persons for a single project or goods, and can be tax exempt if they involve local contractors pooling resources on infrastructure projects. Joint stock companies involve a group acting jointly to establish and operate a business with transferable shares, while joint accounts involve one party contributing capital to another's business in exchange for a share of profits and losses.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 6

    Corporation, Joint Venture, Joint Stock Companies, Joint

    Accounts
    CORPORATION DEFINED
    ● Section 2 of RA 11232 - The Revised Corporation Code of the Philippines
    ○ A Corporation is “an artificial being created by operation of law, having the right of succession
    and the powers, attributes, and properties expressly authorized by law or incident to its
    existence.”
    ● The Tax Code, as amended under CREATE Act
    ○ The term “corporation” shall include
    ■ One-person-corporations
    ■ Partnership
    ■ Joint Stock Companies
    ■ Joint Accounts
    ■ Associations or insurance companies
    ■ Mutual Fund Companies
    ■ Regional operating headquarters of multifunctional corporations
    Excluded in the definition of Corporation (for tax purposes):

    ➢ General Professional Partnership (GPP) ➢ Joint Venture or Consortium


    ○ A partnership formed by persons for the ○ Formed for the purpose of undertaking
    sole purpose of exercising their common construction projects pursuant to
    profession, no part of the income of Presidential Decree (PD) No. 929 to assist
    which is derived from engaging in any local contractors in achieving
    trade or business. competitiveness with foreign contractors
    by pooling their resources in undertaking
    big construction projects.
    ○ A joint venture or consortium for
    engaging in petroleum and other energy
    operations pursuant to an operating
    consortium agreement under a service
    contract with the government.
    JOINT VENTURE OR CONSORTIUM
    ● A commercial undertaking by two or more persons, differing from a
    partnership in that it relates to the disposition of a single lot of goods or
    the completion of a single project.
    ● It is a taxable corporation but under Section 3 of RR 10-2012, there are
    two types of tax exempt joint ventures.
    TYPES OF TAX EXEMPT JOINT VENTURES
    ➢ Under the Section 22 of the Tax Code ➢ Foreign contractors
    provides: ○ May also be treated as a non-taxable
    ○ The joint venture was formed for the corporation provided:
    purpose of undertaking a construction ■ The member foreign contractor is
    project. covered by a special license as
    ○ Should involve joining/pooling of contractor by the PCAB
    resources by licensed local contacts. ■ The construction project is
    ○ The local contractors are engaged in certified by the appropriate
    construction business. Tendering Agency that the project
    ○ The Joint Venture itself must likewise be is a foreign financed or
    duly licensed as such by he PCAB of the internationally funded and that
    Department of Trade and Industry. international bidding is allowed
    under the Bilateral Agreement.
    JOINT STOCK COMPANIES and JOINT ACCOUNTS

    ● Joint Stock Companies ● Joint Accounts


    ○ Constituted when a group of individuals ○ Constituted when one interests himself
    acting jointly, establish and operate in the business of another by
    business enterprise under an artificial contributing capital thereto, and sharing
    name, with an invested capital divided in the profits and losses in the
    into transferable shares, an elected proportion agreed upon.
    board of directors, and other corporate
    characteristics, but operating without
    formal government authority.

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy