August 17, 2018

Senate To Allow One-Person Corporation

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  • Entrepreneurs can soon start their own businesses alone as the Senate approves Senate Bill No. 1280, a bill which will allow a one-person corporation in the future.

    Senate Minority Leader Franklin M. Drilon authored and sponsored the bill to amend the Batas Pambansa Bilang 68, or the Philippine Corporation Code, passed in 1980.

    In a report from Entrepreneur Philippines, Drilon says that startup businesses shall also be given equal opportunities and attention. “We must provide an environment conducive not just to big businesses, but make the corporate vehicle an appealing prospect for startups and entrepreneurs,” Drilon explains.

    As startup businesses in the country prosper, a lot of entrepreneurs who run their businesses alone put themselves into bigger financial risks by being personally liable for the debts and liabilities of his or her one-man corporation. With the new bill, a corporation shall be separated from the owner juridically, will protect the shareholder from incoming risks as his or her liability is limited to the amount of his or her investment.

    Image courtesy of GMA Network

    Drilon also explains that the new bill, if approved, will make the country’s investment more attractive “A reform in our corporate sector will certainly make the country more investment-attractive and, therefore, investments can generate jobs that can help our country and our people,” Drilon said.

    As of this writing, 20 senators have already voted in favor of the bill’s passage, no oppositions, and zero abstentions.

               
               
    Recent Comments

    When is this going to be implemented?

    Anonymous
    10 months ago

    Kelan ang implementation nito?

    Anonymous
    10 months ago

    I could hardly wait for it to be implemented in SEC. Right now, its still a minimum of 5 incorporates. The old law sucks why do you have to get 4 other people involved with your corporation. When the idea only comes from one person.

    ★★★★★
    11 months ago
    What do you think about this article?
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