A foundation and a non-stock corporation are not the same thing. P1M paid up capital only applies to foundations. Plug is seems is not a foundation but a non-stock, non-profit corporation.
I used to do corporate law. I don't think the rules have changed that much. On Nov 6, 2007 12:56 AM, Christian Masancay <[EMAIL PROTECTED]> wrote: > Good evening, > > I've consulted with my financial audit counterparts in my company, the > minimum paid-up capital for foundations (non-stock corporations) is 1 > million based on the latest SEC phamplet they gave me. Although, I > think "paid-up capital" is not necessarily a 1 million peso deposit in > the bank (I forgot to verify this, since in accounting paid-up capital > is actual cash and contribution PAID to the elected treasurer of the > corporation...hehe). > > Also if you browse the SEC website, the paid-up capital required for > foundations is also their working capital (which is the minimum > capital to run the organization). > > But Gabriel is still correct about the Php5,000.00 based on the > Corporation Code (generally applicable to corporations whether stock > or non-stock). Capital requirements are influenced by the type of > industry, so in the absence any specific provision, SEC can enforced > certain levels of capital requirements based on the type of business. > That explains why banks and most financial institutions have a bigger > capital requirements than merchandising and service organizations. > > I'll send a copy of the latest SEC phamplet to Ian, Marvin and Paolo > for their information. > > Thanks for the information. > > Regards, > > Christian Masancay > > On 11/5/07, Jaime Tiongson <[EMAIL PROTECTED]> wrote: > > SEC changed their requirements recently and increased the paid up > capital > > for non-stock non-profit organizations (1 Million). If PLUG is already > > registered the group must see to it that the SEC status of the group is > > still active. > > > > > > On 11/5/07, Christian Masancay <[EMAIL PROTECTED]> wrote: > > > 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 > > > > > > > > > > > -- > > 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 > > > > > -- > 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 >
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