Question

An individual or a domestic corporation designated in a written power of attorney by a foreign corporation authorized to transact business in the Philippines, on whom any summons and other legal processes may be served in all actions or other legal proceedings against such corporation is called

A. Resident director
B. Resident agent
C. Receiver
D. Trustee

Answer 1

A resident agent is the individual or domestic corporation designated by a foreign corporation in the Philippines to receive legal notices and documents on its behalf. The correct option is B.

Step-by-step explanation:

An individual or a domestic corporation designated in a written power of attorney by a foreign corporation authorized to transact business in the Philippines, on whom any summons and other legal processes may be served in all actions or other legal proceedings against such corporation, is called a Resident Agent.

This role is essential in ensuring the foreign corporation can engage in legal processes within the Philippines. The resident agent acts as the point of contact for legal notices and performs duties to maintain the foreign corporation's legal presence in the country.