doing business in the Philippines without a license. The SEC issued summons to the corporation. A. Where and to whom shall summons be ser
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A foreign corporation is found doing business in the Philippines without a license. The SEC issued summons to the corporation. A. Where and to whom shall summons be served? B. If sued, can it file a counter suit? Explain.
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- A company wishes to conduct business in a foreign country that attracts businesses by granting “holidays” from income taxes for a certain period of time. Would the company have to disclose this “holiday” to the SEC? If so, what information must be disclosed?If a foreign corporation has to qualify to do business in a specific state, all of the following except which of these is required?From an accounting perspective, what effect does corporate inversion have on the financial statements and operations of the U.S. company that has relocated its legal domicile to a lower-tax country?
- Assume a U.S. company operates overseas and is approached by foreign governments officials with a request to provide family members with student internships with the company. The company does business in that country with foreign customers and is negotiating for a contract with one such customer to provide services. Under what circumstances might such a request violate the FCPA?What does the residing agent have to do with the foreign corporation?Is the resident agent required to be a stockholder in the foreign corporation?
- Do all transactions by U.S. companies with foreign parties require special accounting procedures by the U.S. companies? Explain.State whether the following statement is true or false. Tax related fraud is a criminal offence in South Africa. Therefore, it can be prosecuted through the application proceduredefine the following: D) Non-Resident Alien engaged in trade/businessE) Non-Resident Alien not engaged in trade/businessF) Domestic Corporation
- Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). Which businesses does this affect? What is the cost of noncompliance (i.e. what fines or penalties might occur for failure to file)? Have you heard of this requirement? If so, where?ABC Corporation, a private corporation engaged in the business of importing used cars from Japan was issued a certificate of incorporation by virtue of R.A. 27890. Because of a failed business transaction, ABC Corporation sued Mr. X for a damage arising from the latter’s alleged breach of its contractual obligations. Mr. X cannot allege “lack of legal capacity to sue” of ABC Corporation in its motion to dismiss because it has a legal personality conferred by law. Mr. X cannot allege “lack of legal capacity” in its motion to dismiss because it is not allowed to attack the existence of the corporation collaterally. ABC Corporation is a de jure corporation and its existence can be attacked only through a quo warranto proceeding. Attacking the existence of ABC Corporation may be done through a motion to dismiss because its creation is voidAccording to the PCAOB, which of the following tax services would impair independence? A. Tax consulting B. Providing a tax opinion where the opinion is not considered an aggressive position or listed transaction by the IRS C. Tax returns prepared by BDO Spain for the controller's dependent children living in Spain while attending school abroad D. Tax consulting for the CFO of an IPO candidate completed before the start of the professional engagement period for the audit of the financial statements to be included in the IPO registration
