A Letter of Intent for Business Closure is a critical document required when a business decides to permanently cease operations in the Philippines. This document is typically used when a company has made a definitive decision to close but needs to formally communicate this intention to various stakeholders before initiating the actual closure process. It must address requirements from multiple Philippine regulatory bodies, including the Securities and Exchange Commission (SEC), Department of Labor and Employment (DOLE), Bureau of Internal Revenue (BIR), and local government units. The letter should detail the closure timeline, reasons for closure, plans for employee separation, and strategies for settling business obligations. It serves as a foundation document for the closure process and helps ensure compliance with Philippine corporate, labor, and tax laws. This document is particularly important as it triggers various legal requirements and timelines that must be followed under Philippine business regulations.
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1. Letter Header: Company letterhead, date, and recipient details (if being sent to a specific authority)
2. Subject Line: Clear indication that this is a Letter of Intent for Business Closure
3. Introduction: Formal declaration of intent to close the business, including the legal business name and registration details
4. Closure Timeline: Specific dates for the intended closure and key milestones in the closure process
5. Reason for Closure: Brief explanation of the circumstances leading to the business closure decision
6. Employee Notification: Statement regarding employee notification and compliance with labor laws regarding separation
7. Stakeholder Communication: Information about notification to clients, suppliers, and other business partners
8. Legal Compliance Statement: Declaration of intent to comply with all relevant laws and regulations regarding business closure
9. Contact Information: Details for future correspondence during the closure process
10. Closing and Signatures: Formal closing, signatures of authorized representatives, and company seal if required
1. Public Notice Statement: Required for corporations that need to publish notice of dissolution
2. Stock/Shareholder Information: Include for corporations with details about handling of shares and shareholder interests
3. Debt Settlement Plan: Include when there are significant creditors or outstanding financial obligations
4. Asset Disposition: Include when there are significant assets to be disposed of or transferred
5. Intellectual Property Handling: Include when the business owns patents, trademarks, or other IP that needs to be addressed
6. Branch Closure Details: Include when the business has multiple branches or locations
7. Government Contracts Statement: Include when the business has existing government contracts or projects
1. Business Registration Documents: Copies of business registration certificates and permits
2. Board Resolution: Copy of board resolution approving the business closure (for corporations)
3. Tax Compliance Certificates: Recent tax clearance certificates and proof of tax compliance
4. Employee List: Complete list of employees and their positions (for DOLE requirements)
5. Financial Statement: Latest financial statement showing business position
6. Creditor List: List of all creditors and outstanding obligations
7. Asset Inventory: Detailed inventory of business assets and their planned disposition
8. Clearance Checklist: Checklist of required government clearances and their status
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Services
Technology
Construction
Healthcare
Education
Hospitality
Financial Services
Transportation
Real Estate
Agriculture
Mining
Entertainment
Professional Services
Relevant Teams
Legal
Human Resources
Finance
Operations
Administration
Compliance
Corporate Secretariat
Risk Management
Board of Directors
Executive Management
Communications
Relevant Roles
CEO
Managing Director
Company President
Board Member
Chief Financial Officer
Legal Counsel
Human Resources Director
Operations Manager
Administrative Manager
Compliance Officer
Corporate Secretary
Finance Manager
Business Owner
General Manager
Risk Manager
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