When the late-2000s global economic recession occurred, businesses and companies resorted to an “energy diet” to cut their costs and survive the hard phenomenon. Energy dieting in the corporate world includes using more energy-efficient machines, reducing length of use on lights and electricity, saving gas and fuel, and other ways on saving our power usage as well as our power bills. The great thing in energy dieting is that it saves not only our money but it also saves our world. While energy saving cuts our energy cost, it also prevent the total extinguishment of our planet’s energy reserves. Minimization of energy usage (electricity, fuel and gasses) also reduces global warming, which is primarily caused by too much carbon dioxide in the atmosphere. Carbon overload is caused mainly when we burn fossils fuels like coal, oil and gas. Hmmm…as we always talk about the green bucks, we should also discuss the green mother Earth and how to protect it. Read more
So you have already decided to register a corporation? If you’re not yet sure, then you might need to read our article about the advantages and disadvantages of forming a corporation over sole proprietorship and partnership. But if you have already finalized your decision and you believe it is best to incorporate your business, you need to follow the following basic steps in registering a corporation with the Philippines (SEC) Securities and Exchange Commission.
1. Verify and reserve your Corporate Name
If you already got the perfect name for your business to be incorporated, you need to verify it immediately and have it reserved before others take it. You can verify the availability of your proposed name and reserve it online at the SEC-iRegister website, a quick, affordable, and user friendly service that is available to the public 24 hours a day, 7 days a week. There, you need to register and have your username and password to be able to log in. Once logged in, you can verify your desired name if it’s still available. If it’s still available, you can pay the reservation pay and get a Name Verification Slip. The slip is submitted together with the other requirements. Read more
Equity differs depending on the structure of an entity. A sole proprietorship which is owned solely by a proprietor presents its equity as an owner’s equity. Accounting for owner’s equity in a single proprietorship is simple. Owner’s equity in this form is increased when the owner contributes capital or realizes net profit. It is then decreased when the owner draws capital or incurred a net loss. Read more
IAS 1 requires an entity to present a statement of changes in equity as a separate component of the financial statements. The statement must show: [IAS 1.96]
(a) profit or loss for the period;
(b) each item of income and expense for the period that is recognised directly in equity, and the total of those items; Read more