The law requires the OPC to designate a nominee and an alternate nominee who, in the event of the single stockholder’s death or incapacity, shall take the place of the single stockholder...
The deposit is a jurisdictional requirement which must be satisfied before the court can entertain any action assailing the validity of the public auction sale...
In the sale of shares of stock, physical delivery of a stock certificate is one of the essential requisites for the transfer of ownership of the stocks purchased...
The OPC, like an ordinary corporation, is a juridical entity with personality separate and distinct from that of the single stockholder...
Independent contractors often present themselves to possess unique skills, expertise or talent to distinguish them from ordinary employees...
A Letter of Authority or LOA is the authority given to the appropriate revenue officer assigned to perform assessment functions. It empowers or enables said revenue officer to examine the books of account and other accounting records of a taxpayer for the purpose of collecting the correct amount of tax.
Gross negligence has been defined as the want or absence of even slight care or diligence as to amount to a reckless disregard of the safety of the person or property...
The tax exemption granted to non-stock, non-profit educational institutions is conditioned only on the actual, direct and exclusive use of their revenues and assets for educational purposes...