Components of a Corporation
Corporators – Those who compose a corporation, whether as stockholders or members Incorporators – They are those mentioned in the Articles of Incorporation as originally forming and composing the corporation and who are signatories thereof. Directors and trustees – The Board of Directors is the…
Law on Obligations and Contracts (Civil Code. Art. 1156-1422)
Law on Obligations and Contracts based on Civil Code Art. 1156-1422 (Codal). Boost your Obligations and Contracts by enrolling in our FREE Course.
The difference between gross and net income
The difference between gross income and net income is highly dependent whether you are talking about a business standpoint or an individual person’s standpoint. The following summarizes the meaning of gross income and net income among these two: Individual Gross Income – Salary/Wage received from…
Basic Generally Accepted Accounting Principles (GAAP)
Generally Accepted Accounting Principles or GAAP is a set of standards that governs the preparation of accounting information. This standard is composed of many guidelines and standards, but as a starter, we will discuss the basics. There are three parts of GAAP – Assumption, Principles, and Constraints.