CORPORATE INCOME TAXPAYER

First of all, ano ba ang corporation? A corporation is an organization consisting of 2 or

more people but no more than 15 people para makagawa ng isang entity. Corporation is a legal
entity separate from its owners. It means that corporations also have rights and responsibilities
katulad ng ibang business owners. As it said na 2 or more ut not more than 15 ang pwedeng
bumuo ng corporation, as of 2020, may tinatawag na One Person Corporation or OCP. ibig-
sabihin ang mga sole proprietor ay pwede na rin magtayo ng sarili niyang corporation.
Corporations should include the profit-oriented non-profit institutions. Profit-oriented
organizations are a corporation that engage to earn incomes or profits, as they gain income,
they should pay tax, unlike non-profit organizations, they are engaged in public and private
interests without the goal of monetary profit or income. When it comes to tax, may mga
corporations din na tax-exempt, katulad ng Non-profit Organizations.

DOMESTIC CORPORATION
Second, what is a domestic corporation? A domestic company takes its own obligations
and is held responsible for its debts, but its shareholders are only held liable for the amount of
their share capital. Private Limited Company, Limited Liability Company, at One Person
Corporation ay kasama sa Domestic Corporation. Ang mga requirements ng Domestic
Corporation ay, dapat merong 2 to 15 people na bubuo nito, dapat din na bawat isang
shareholders ng Domestic Corporation ay nagmamay-ar ng isang stock, at dapat majority ng
mga shareholders ay Filipino Citizens or Residents.