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WorksheetsCorp - 06/30/23
Total questions: 45
Worksheet time: 49mins
RCC means
(a)
R.A No. 11232 of the RCC was amended on
February 10, 2019
February 23, 2019
February 15, 2019
February 25, 2019
is an artificial being created by operation of law,
having the right of succession and the powers, attributes and
properties expressly authorized by law or incidental to its existence.
(Section 2)
Corporation
Partnership
Corporation by Estoppel
Partnership by Estoppel
a juridical person, separate personality from its
owners or stockholders
(a)
Before 2019, a corporation has (a) years term.
The purpose of stock corporation is for ?
(a)
The purpose of non-stock corporation is for?
(a)
The owners of a stock corp. are called?
(a)
The owners of a non-stock corp. is called?
(a)
Who manages stock corporation
(a)
Who manages non-stock corporation
(a)
Two important principles of Corporation
Lifting or piercing the veil of corporate fiction
Juridical personality
Trust fund doctrine
Separate Legal Fiction
The liability of the corporation is the same from the liability of the
stockholders or members.
True
False
The separate legal personality is a fiction created for
convenience and to promote the ends of justice.
True
False
The capital stock of a corporation, as well as its other
property and assets, are generally regarded as a trust fund for
the business operations of the company and to secure the
payment of corporate debts.
READ ONLY
READ ONLY
The corporate debtors have the
priority of payment over any stockholder.
True
False
refer to those who compose a corporation either as
stockholders (stock corporations) or as members (non-stock corporations).
(a)
those whose names appear in the Articles of Incorporation –
the persons who originally formed the company and who are signatories in
the documents.
(a)
All incorporators are corporators but not all ___________ are _____________.
(a)
If your name does not appear in the Articles of Incorporation, you are not an
incorporator.
True
False
a corporation whose stock is owned by at most twenty
(20) persons. The transfer of its shares of stock may be subject to restrictions
that should appear in the Articles.
(a)
also called de facto partnership with a corporate shell
(a)
listed on the Philippine Stock Exchange
and shares are available for purchase by the general public.
(a)
all companies can be listed on the PSE since there are stringent
requirements to be complied with.
True
False
(maximum shares that can be
issued)
(a)
(number of shares that have been issued)
(a)
(number of shares fully paid)
(a)
have the right to vote in corporate meetings and can receive dividends.
(a)
do not have voting rights EXCEPT on major or
fundamental issues
(a)
This is the minimum price that these shares can be issued by
corporations.
(a)
Companies can issue the shares for a price HIGHER than
the (a) value but NOT lower.
these shares do not have any minimum issue price. Usually, the
Board of Directors pick the price of these shares before they are issued or sold.
(a)
these shares are those issued to those who were
stockholders (incorporators) at the time the corporation was established.
(a)
Exclusive right to vote and be voted for CANNOT be granted if this will
violate the Anti-Dummy Law which seeks to limit foreign ownership and control
of certain businesses
BASAHIN MO LANG
BASAHIN MO LANG
these shares of stock may be bought back or purchased
by the corporation under certain conditions, usually upon the expiration of a
fixed period.
(a)
these shares are issued and fully paid for but subsequently
reacquired by the company though purchase, redemption, donation or other
lawful means.
(a)
The corporation may hold on to them indefinitely, retire them or
sell them again in the future.
(a)
do not form part of the outstanding capital stock of a company.
(a)
has the same effect as a repurchase.
(a)
Those established under the Corporation Code and registered with the SEC. They can be either stock or non-stock corporation.
(a)
Those established by special law for the governance of a portion of the state and have for their purpose the public good and general welfare.
(a)
Refers to any agency organized as a stock or non-stock corporation, vested with functions relating to public needs.
(a)
GOCC means Government Owned or Controlled Corporations
READ ONLE
READ ONLE
Corporation Code of the Philippines (May 1980)
(a)
The Corporation Law (March 1906)
(a)
