A corporation is an artificial being created by operation of law, having right of succession, and the powers, attributes, and properties expressly authorized by law or incidental to its existence. It has a personality that is separate from its stockholders or members. (Republic Act No. 11232, the Revised Corporation Code or RCC). Domestic corporations A domestic corporation is a business entity that is organized, registered, and existing under Philippine laws. Shareholders of a corporation may be a natural person, partnership, association or another corporation. All domestic corporations must be registered with the Philippine Securities and Exchange Commission (SEC). With the passage of the RCC, which was signed into law in February 2019, stock corporations now have perpetual existence and are no longer required to have a minimum capital stock, except when specifically required. Corporations no longer need to have at least five shareholders and they can either be incorporated … [Read more...] about Corporations 101
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Share to Twitter Share to Linkedin While leaders of Environmental, Social and Governance (ESG) offices and Corporate Social Responsibility (CSR) programs deal with criticisms from the likes of Florida Governor Ron DeSantis, former Vice President Mike Pence, Elon Musk, and Strive Asset Management’s Vivek Ramaswamy on the right, they are also faced with mounting pushback from activists and watchdog groups on the left who use terms such as greenwashing and bluewashing to express their concerns. The term greenwashing has been around since 1986 when the New York environmentalist Jay Westerveld criticized the hotel industry’s emerging practice of putting notices in their rooms promoting the reuse of towels “to save the environment” while doing little or nothing themselves toward reducing energy use and waste. He asserted that the real objective was increased profits, and he labeled these kind of profitable-but-ineffective “environmentally conscientious” acts … [Read more...] about Bluewashing Joins Greenwashing As The New Corporate Whitewashing
Share to Twitter Share to Linkedin ByteDance and Tencent-backed apps have been inundating Facebook and Instagram with troubling, graphic ads for violent fantasy erotica. At least 81 people have died in Florida due to Hurricane Ian. Plus, Forbes breaks down how Elon Musk became the world’s richest man by a whopping $100 billion margin . Sign up here to get the Forbes Daily Dozen morning newsletter straight to your inbox. In The News Today The U.K. government confirmed Monday it will scrap its controversial plan to cut the top 45% rate of income tax after the policy, which would have benefited the country’s wealthiest 1%, drew international condemnation, roiled markets and pushed the pound to record lows. The pound jumped against the dollar following the news of the reversal. Brazil’s far-right presidential incumbent Jair Bolsonaro garnered more votes than expected in the first round of Brazil’s presidential election, … [Read more...] about Daily Dozen | Forbes: 100 Days Post-Roe; Kardashian Crypto Fine; Brazil’s Run-Off Vote
Share to Twitter Share to Linkedin This is the second in a two-part series. The first segment examined how and why legal change derives from business digital transformation. Business has often regarded the legal function as a corporate bottleneck and cost center. That’s because legal culture , education , indoctrination and language are different than other corporate business units. Lawyers have long operated by their own rules, timelines, and metrics— even when they are corporate employees. They rationalize their detachment from business as necessary to maintain professional independence, freedom from economic conflict, and preservation of their ethical standards. This chimera sustains their fit-for-lawyer-purpose paradigm. Lawyers have constructed and zealously maintained a cultural, intellectual, philosophical, regulatory , economic , and educational moat that separates them from other professions, business and society. Competition was … [Read more...] about From Cost Center To Value Creator: The Digitally Fit-For-Purpose Legal Function
Share to Twitter Share to Linkedin Shutterstock Shutterstock I was recently invited by the ABA to address a group of General Counsel on “Lawyers as Guardians of Business Integrity and Conscience of the Company.” The topic was chosen because of a spate of high-profile scandals and regulatory imbroglios that resulted in no small part from the failure of GC’s to discharge the guardian/conscience role. General counsel—and large corporate departments-- are law’s petri dish. They are reconfiguring the boundaries and expanding the expectations of what it means to be an effective corporate lawyer. Ben Heineman, Jr., an in-house pioneer who helped redefine the GC role—and corporate legal departments-- during his years at General Electric, remarked that GC’s play ‘offense and defense. He was referring to their dual, often-conflicting roles as enterprise defenders and business partners. Successful negotiation of the two demands superior … [Read more...] about General Counsel: Guardian and Conscience of The Company
Share to Twitter Share to Linkedin Getty Royalty free Getty Not long ago, Axiom was often touted as law’s next big thing. The on-demand corporate legal talent company that launched in 2000 has enjoyed nearly two decades of expanding revenue, client base, talent pool, and brand recognition. Still, the industry spotlight long cast on Axiom has shifted in recent years to other legal service providers, notably The Big Four, United Lex, and Elevate. This has caused many in the industry to question: “What’s up with Axiom?” Spoiler alert: Axiom is doing just fine. It serves more than half of the Fortune 100, reported 2018 revenue run rates of $360M; has a curated talent platform of approximately 2,000 lawyers/professionals across seven countries and three continents, and a well-established global brand. Axiom is highly selective—only 5% of attorney applicants are hired. Axiom’s legal team is not only highly pedigreed but also experienced. Axiom … [Read more...] about What’s Up With Axiom?
Share to Twitter Share to Linkedin Getty Royalty Free Getty How will the legal industry be affected by the next recession? The thought came to mind several times recently as the stock market recorded its worst December since the Great Depression . Stocks have rebounded during the early weeks of 2019, but political turmoil at home; Brexit and its chaotic implications for the UK, Europe, and beyond; the slowing Chinese economy and the threat of a U.S.-China trade-war; and other destabilizing factors remain. So too does the question of what happens to legal providers when the other shoe drops again. The Impact of 2008 One way to predict the future is to examine the past. How was the legal industry affected by the events of 2008 and its aftermath? Ten years after the collapse of Lehman Brothers and the global financial crisis it precipitated, the contours of today’s legal landscape remain superficially similar to the pre- 2008 marketplace. … [Read more...] about How Will Legal Providers Be Affected By The Next Recession?
Share to Twitter Share to Linkedin LOS ANGELES, CA - NOVEMBER 1: Marwin Gonzalez #9, Alex Bregman #2, Jose Altuve #27 and Carlos Correa ... [+] #1 of the Houston Astros celebrate after the final out of Game 7 of the 2017 World Series against the Los Angeles Dodgers at Dodger Stadium on Wednesday, November 1, 2017 in Los Angeles, California. The Astros defeated the Dodgers 5-1. (Photo by LG Patterson/MLB Photos via Getty Images) Law and baseball share much in common. Each is self-regulated, rooted in tradition, operated as a guild for generations, big business, highly profitable—especially in major markets, and increasingly beyond the reach of most potential consumers except corporates. Both have dual identities; the law is profession and business; baseball is sport and business. Each has played that duality to its advantage. Baseball is exempt from antitrust laws because the United States Supreme Court has repeatedly characterized it a “sport,” not … [Read more...] about What Law Can Learn From Baseball–Value Extraction, New Skillsets, And Culture Change
Share to Twitter Share to Linkedin EY’s leadership recently green lighted a major restructuring, ending months of heated speculation. The plan has two key prongs: (1) EY’s audit and advisory businesses will split; and (2) the advisory business will replace its partnership model with a publicly traded corporate structure. The restructuring presents a unique opportunity for EY Law to expand the scope and meaning of “ legal services ,” reinvent how they are delivered , broaden the range of legal careers for licensed attorneys and allied legal professionals , and extract greater value from the legal function by aligning and integrating it with business. EY has the potential to change the legal delivery paradigm by providing multidisciplinary, vertically-integrated business, technology, and legal solutions. This will benefit its customers as well as the broader business community. It will also offer new career options for licensed attorneys, … [Read more...] about Will EY Law Change The Legal Delivery Paradigm?
Share to Twitter Share to Linkedin Shutterstock Lawyers are taught to strive for perfection. That means crafting impeccable memoranda with more-than-ample precedent, syntactical precision, and just the right number of erudite footnotes. That’s great if one is submitting a brief to the Supreme Court, but it’s overkill if the forum is Small Claims Court and a pro se litigant is on the other side. Voltaire cast perfection this way: ‘The best is the enemy of the good.’ Not all matters merit the time—and cost—of perfection. Sometimes good is good enough. Lawyers only recently received the memo, and many have failed to read it. While attorneys have an ethical duty to provide competent and zealous representation, that does not mean that a ‘scorched earth’ approach is presumptively warranted or that lawyers are the default resource for all tasks they define as ‘legal.’ Legal Practice and Legal Delivery Are Two Different Things Lawyers parse words … [Read more...] about When Good is Good Enough: Finding The Appropriate Legal Delivery Resources