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MC 4-Guidelines On The Upgrading of Single Proprietorship or Partnership
MC 4-Guidelines On The Upgrading of Single Proprietorship or Partnership
04 Series of 2003
FOR : All Concerned SUBJECT : Guidelines
4. Duly notarized affidavit executed by the President supported by a board resolution duly received by SEC to the effect that the corporation shall assume full and complete responsibility for all liabilities and claims which are filed or maybe filed against the agency under the single proprietorship/partnership; and 5. Duly notarized affidavit of undertaking executed by members of the board of directors that they will be jointly and severally liable with the corporation over claims arising out of employeremployee relationship. The approval of the upgrading shall automatically revoke or cancel the licenses of the single proprietorship or partnership so upgraded. For the guidance of all concerned. ROSALINDA DIMAPILIS-BALDOZ Administrator January 16 2003