March 8 - 21 , 2017 Jan . 22-Feb . 7 , 2015 Philippine Showbiz Today 7
March 8 - 21 , 2017 Jan . 22-Feb . 7 , 2015 Philippine Showbiz Today 7
Q : My brother is setting up his own limited company . He wants me to be a director and says it ’ s just a formality . Is that right ?
Answer : With business and with money , two phrases should make you cautious when you hear them . They are : “ It ’ s just a formality ” and “ It ’ s simple .” If running a business is that simple and signing a document is just a formality , there would be no business failures and no unexpected liability for debt .
The title “ director of a corporation ” sounds great .
There ’ s a new morning show on ANC , the ABS-CBN News Channel to jumpstart our day with the top news and business stories in the country and around the globe .
“ Early Edition ,” anchored by TJ Manotoc and Annalisa Burgos , debuted last Monday ( Feb 27 ) to deliver the latest news , financial updates , and breaking news reports as early as 5:30 am from Monday to Friday .
The fast-paced newsoriented program also features veteran broadcaster Paolo Abrera and ANC news correspondents Michelle Ong and Christian Esguerra to help TJ and Annalisa in arming viewers with significant and relevant information and analysis that they can use as they face another busy day ahead .
To add spice in the morning , “ Early Edition ” will also have sports , lifestyle , and entertainment news , and live discussions on the trending topics in the country
Money Matters : Your Questions & Our Answers
By Tahir Malik It conjures up images of being a part of the business world . However , when signing on as a director you accept responsibility , in a general sense , for overseeing the running of the company . The intent is to protect all interested parties , employees , creditors , and shareholders who don ’ t have regular access to the company ’ s operating information , etc . In this case , I assume there is only one shareholder ( your brother ) or , at most , a few family members or friends . This will probably mean that your role as a supervisor is not critical . But beware ; if the company grows and it takes on new shareholders , your responsibility grows .
For you , the biggest potential problem is your liability for unremitted statutory payments . The company is supposed to send in regular payments for such things as employee deductions ( income tax , U . I ., C . P . P .), GST collected , and W . C . B . coverage . If these amounts aren ’ t paid , you , as a director , are personally responsible for the debt . This means the government can come after you for the amount owing , even to the point of garnisheeing your wages or seizing and selling your assets . Then there ’ s the matter of director responsibility for employee wages ( for details you can contact the Province of B . C . Labour Standards Branch ).
ANC launches new morning show Early Edition and in the world today . Resident ANC analyst Richard Heydarian will also be there to explain and dissect issues on foreign relations and foreign policy .
It introduces Annalisa as the newest anchor of ANC , considered as the gold standard in news and analysis in the Philippines . The L . A . -born international journalist brings with her over 17 years of experience as a multimedia journalist covering news , business , and lifestyle beats in Asia , New York City , Washington , DC , and Los Angeles .
Prior to joining ANC , Annalisa was an anchor and lifestyle correspondent for Channel NewsAsia ’ s regional English-language morning show “ FirstLook Asia ,” where she got to interview global newsmakers . She also hosted a popular weekly food and travel series “ What ’ s Cooking ,” covering topics like luxury travel in Japan , fine dining on the Mekong River and sustainable farming in Central Vietnam .
Before moving to Asia , Annalisa was a New York-based anchor , reporter and editor for several major media companies , including Yahoo , HGTV , Forbes , CNBC and Bloomberg . She graduated from UCLA and Columbia University ’ s Graduate School of Journalism .
The bottom line – it ’ s not just a matter of reading what you ’ re signing . You have to understand what you ’ re putting your name to and the responsibility involved . If necessary , get independent legal advice . A little money spent at the beginning can save a lot of money and paid down the road when a “ mere formality ” becomes a “ formal problem .”
Writer is a certified BIA counsellor at New Life Debt Solutions and can be reached at 604 909 2277 .
Aside from “ Early Edition ,” she also fronts “ News Now ” on ANC at 10am and 11am .
Catch “ Early Edition ” on ANC and ANC HD from Monday to Friday at 5:30am . For more information , visit news . abs-cbn . com / anc , or follow ANC on Facebook ( https :// www . facebook . com / ANCalerts ) and Twitter (@ ANCalerts ). ●