What is a corporate family?

What is a corporate family?

Corporate family means a group of corporations consisting of a parent corporation and all subsidiaries in which the parent corporation owns directly or indirectly a 100 percent interest. A corporate family has both advantages and disadvantages.

How do I start a family corporation in the Philippines?

Here are the basic steps and requirements:

1. Go to the municipal office where your business is located to secure and fill-up application form.
2. Submit your completed application form together with the following: Certificate of Business Registration from SEC. Barangay Clearance Certificate. Two (2) valid IDs.

Do you own stock in a family corporation?

Stocks in the Family Business Since corporate law does not restrict ownership of shares to adults, stock in your small corporation or family business can legally be placed in the minor’s name by recording the child as the registered owner of the shares in your corporation’s stock register.

Should I incorporate my family?

The main reason you should incorporate your family is for the invaluable lessons it will teach your children. Incorporating your family into a small business will teach your kids about money, responsibility, and save you money on taxes.

Why would someone incorporate themselves?

The benefits of incorporating yourself include giving you increased protection over your personal assets, easier access to capital, giving your business more credibility, more anonymity, tax advantages, existing into perpetuity, access to more affordable health insurance, and having a lower risk of being audited after …

Can I pay my son a salary?

There’s no age limit for employing your child, but it may be difficult to justify wages paid to a five-year-old. Treat your children the same as you would any other employee, and be sure you keep good records. Have your child punch a time clock or write his or her hours down on a timesheet.

Can I pay my daughter a salary?

In essence, therefore, you can generally employ any of your children aged 13 or more and pay them a salary which is deductible from your own business income. How Much Can You Pay? A salary paid to a child must be justified by the amount of work which they actually do in your business.

Can children work at a family business?

The Fair Labor Standards Act (FLSA) provides for certain exemptions. Minors under age 16 working in a business solely owned or operated by their parents or by persons standing in place of their parents, can work any time of day and for any number of hours.

How much should a 13 year old get paid per hour?

How much should I be paid? Although some exceptions may apply, in most circumstances you must be paid the federal minimum wage, $7.25 per hour. Your eligibility for the federal minimum wage depends on what you do and where you work.

Can a 20 year old date a 13 year old?

You can’t have a legal relationship between a 20 years or older and a 13 year old.