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Articles of Incorporation for a family corporation: "That the purpose of which said corporation"

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Arresto Menor
Hi, I just want to ask what to answer under the "That the purpose of which said corporation" if you are forming a family corporation for the purpose of simply transferring your assets to the family corporation so that the siblings can share equal ownership of all the assets?

Please let me know. Thanks in advance!

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Reclusion Perpetua
Is LAND involved?

I don't know if that rule concern only foreigners, but I believe Filipinos have to follow it too:
It's only allowed for companies to own land IF the company NEED it for the BUSINESS.

=NOT allowed IF it's only to put living houses for owners to live in themselves,
but allowed when the company e g:
/WORK with geting rents.
/TRADE properties.
/NEED land to PUT own BUSINESS on (e g manufactory, shop or warehouse building.) I DON'T believe it's enough to put a sarisari in the living house.

If this is a problem for you, can't you just keep the assets PRIVATE and let the relatives USE the assets?

IF you start business, there will be several documents, which need to be done OFTEN. It's complicated, BIR seem to want even small businesses to pay autoriced acountants Shocked but I don't know if the parlament agrees. Better try to AVOID starting business, if the purpouse isn't to EARN by the BUSINESS Smile

There are other legal possibilities to transfer assets to relatives e g by gift. It cost some, but much worse if you start a business Smile

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