Heehee
I. TRUE OR FALSE. Write TRUE if the fact given in the item is precise, otherwise write FALSE. (2 pts each)
True 1) Any immovable property may be acquired in a partnership name
True 2) Every partner is a debtor of a partnership for whatever he may have promised to contribute in the partnership
True 3) Winding up is the process of settling the business or partnership affairs after the dissolution.
__________ 4) Partnership is annulled after the consent of the partners.
True 5) The surname of the limited partner cannot absolutely appear in the limited partnership
False6) A de facto corporation exists in fact and in law
False7) Family members cannot establish a corporation under the Corporation Code
__________ 8) Scientific, civil and political organizations with the intention of serving the public can be form a stock corporation and issue stocks to accumulate more resources to assist the needy.
__________ 9) Subscribed capital stock has par value.
False10) A corporation can change its name from that originally selected after complying with the formalities prescribed by law.
II. IDENTIFICATION. Write the correct answer. (15 points)
Private Corporation 1) A corporation created under strict conformity with the mandatory requirements for incorporation and whose right to exist cannot be questioned by any party even in a direct proceeding for that purpose by the State.
Estoppel 2) A bar which precludes a person from denying or asserting anything contrary to that which has been established as the truth by his own representation either express or implied
The corporation code of the Philippines 3) The title of BP 68
Religious Corporation 4) A corporation sole consists of one member or corporator only and his successor such as bishop.
Non Stock corporation 5) A corporation established for charitable purposes
_________________ 6) The portion of the capital stock issued and held by persons other than the corporation itself.
_________________
True 1) Any immovable property may be acquired in a partnership name
True 2) Every partner is a debtor of a partnership for whatever he may have promised to contribute in the partnership
True 3) Winding up is the process of settling the business or partnership affairs after the dissolution.
__________ 4) Partnership is annulled after the consent of the partners.
True 5) The surname of the limited partner cannot absolutely appear in the limited partnership
False6) A de facto corporation exists in fact and in law
False7) Family members cannot establish a corporation under the Corporation Code
__________ 8) Scientific, civil and political organizations with the intention of serving the public can be form a stock corporation and issue stocks to accumulate more resources to assist the needy.
__________ 9) Subscribed capital stock has par value.
False10) A corporation can change its name from that originally selected after complying with the formalities prescribed by law.
II. IDENTIFICATION. Write the correct answer. (15 points)
Private Corporation 1) A corporation created under strict conformity with the mandatory requirements for incorporation and whose right to exist cannot be questioned by any party even in a direct proceeding for that purpose by the State.
Estoppel 2) A bar which precludes a person from denying or asserting anything contrary to that which has been established as the truth by his own representation either express or implied
The corporation code of the Philippines 3) The title of BP 68
Religious Corporation 4) A corporation sole consists of one member or corporator only and his successor such as bishop.
Non Stock corporation 5) A corporation established for charitable purposes
_________________ 6) The portion of the capital stock issued and held by persons other than the corporation itself.
_________________