Good evening, Gabriel is correct, corporations (stock or non-stock) should have paid-up capital not less than 5,000 pesos prior to submission of documents to SEC. The only difference is stock corporations have subscriptions on their authorized capital stocks which must be at least 25% of the total subscription, and again 25% of those must be paid up (paid-up capital not less than five thousand pesos). When I say paid-up capital, I mean in actual cash or property (fair market value), and the cash part should not be less than five thousand pesos (please correct me if I'm wrong, I've been rusty ever since leaving financial audit three years ago).
I cannot come on friday due to prior commitments. Mr. Paolo Alexis Falcone will come on my behalf. Regards, Christian Masancay On 11/5/07, Gabriel H. Mercado <[EMAIL PROTECTED]> wrote: > First of all, PLUG's registration is still under consideration - meaning we > still have to figure out if we need it at all. > > Second, how can a non-stock non-profit org require 1 million paid up > capital? Do you mean every little charitable, religious, trade, fraternal > etc NGO needs 1 million to get SEC registered? Even stock corporations (for > profit) only require P5,000 paid up. > > Anyway, hope to see you guys soon. Please come Jaime if you can. > > Thanks > Gary > > > > > On 11/5/07, Jaime Tiongson < [EMAIL PROTECTED]> wrote: > > For non-stock non-profit organizations or foundation, you need 1 Million > paid-up capital (money in the bank!) > > > > > > On 11/5/07, Orlando Andico < [EMAIL PROTECTED]> wrote: > > > > > My understanding is that the actual subscribed capital need not be > > > 100% of the paid up capital. I think 5% is sufficient... > > > > > > > > > On Nov 5, 2007 6:04 PM, Jaime Tiongson < [EMAIL PROTECTED]> wrote: > > > > I hope the problem will be resolved soon. New Non-stock, non-profit > > > > corporation needs 1 Million paid up capital. It will be very difficult > for > > > > the group to raise 1 Million and re-register again. > > > _________________________________________________ > > > Philippine Linux Users' Group (PLUG) Mailing List > > > [email protected] (#PLUG @ irc.free.net.ph) > > > Read the Guidelines: http://linux.org.ph/lists > > > Searchable Archives: http://archives.free.net.ph > > > > > > > > > > > -- > > Jaime F. Tiongson > > _________________________________________________ > > Philippine Linux Users' Group (PLUG) Mailing List > > [email protected] (#PLUG @ irc.free.net.ph) > > Read the Guidelines: http://linux.org.ph/lists > > Searchable Archives: http://archives.free.net.ph > > > > > > -- > http://kikay.exchange.ph > http://mom.exchange.ph > http://basketball.exchange.ph > ======================= > Make life easier for Webmasters! > http://spreadfirefox.com/community/?q=user/register&r=137994 > _________________________________________________ > Philippine Linux Users' Group (PLUG) Mailing List > [email protected] (#PLUG @ irc.free.net.ph) > Read the Guidelines: http://linux.org.ph/lists > Searchable Archives: http://archives.free.net.ph > -- Christian Masancay _________________________________________________ Philippine Linux Users' Group (PLUG) Mailing List [email protected] (#PLUG @ irc.free.net.ph) Read the Guidelines: http://linux.org.ph/lists Searchable Archives: http://archives.free.net.ph
