Law - July 5

only natural persons can form corporations

• Old Law

• New Law

natural persons who are licensed to practice a profession shall be

allowed to organize as a corporation unless otherwise not allowed.

• True

• False

Answer explanation

natural persons who are licensed to practice a profession shall not be

allowed to organize as a corporation unless otherwise allowed

Any person, partnership, association or corporation singly or jointly with others

but not more than 15 may organize a corporation for any lawful purpose or

purposes.

• True

• False

incorporators must be residents of the Philippines

• Old Law

• New Law

A corporation with a single shareholder is called

Each incorporator must own at least _ share of stock.

A corporation shall have _________ existence.

A corporation can decide not to have perpetual existence and can

place in the Articles that it will exist for a specific period. This is not allowed.

• True

• False

Answer explanation

A corporation can decide not to have perpetual existence and can place in the Articles that it will exist for a specific period. This is allowed.

Old Law - maximum of __ years renewable for __ years periods.

is the sum total fixed in the Articles as the

amount paid in or to be paid in and is the total capital of the

company to be used to pursue its business.