Notes and Quiz on Corporation Laws
NORTHERN CPA REVIEW
4th Floor Pelizloy Centrum, Lower Session Road, Baguio City
Contact Numbers: SMART : 09294891758; GLOBE : 09272128204
E-mail: ncpar@yahoo.com
ATTY. ANDRIX DOMINGO, CPA
BUSINESS LAWS
THE LAW ON CORPORATION
Corporation an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.
Attributes of a Corporation:
1. It is an artificial being •Doctrine of piercing the veil of corporate entity or corporate fiction This is the doctrine to the effect that the separate personality of a corporation may be disregarded if such entity is used to defeat public convenience, justify wrong, protect fraud, or defend crime
2. It is created by operation of law.
3. It has the right of succession.
4. It has the powers, attributes and properties expressly authorized by law or incident to its existence. •Doctrine of limited capacity A corporation can exercise only the powers expressly conferred upon it by law and its articles of incorporation, those implied from such powers expressly granted, and those that are incident to its existence.
Classification of corporations
1. As to whether shares of stock are issued or not a. Stock corporation b. Non-stock corporation
2. As to the state or country under whose laws it was created a. Domestic corporation b. Foreign corporation
3. As to number of persons composing them a. Corporation aggregate b. Corporation sole
4. As to whether its purpose is public or private a. Public corporation b. Private corporation
5. As to whether its purpose is religious or not a. Ecclesiastical or religious corporation b. Lay Corporation
6. As to whether its purpose is charitable or not a. Eleemosynary corporation b. Civil corporation
7. As to their legal right to corporate existence a. De jure corporation b.
4th Floor Pelizloy Centrum, Lower Session Road, Baguio City
Contact Numbers: SMART : 09294891758; GLOBE : 09272128204
E-mail: ncpar@yahoo.com
ATTY. ANDRIX DOMINGO, CPA
BUSINESS LAWS
THE LAW ON CORPORATION
Corporation an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.
Attributes of a Corporation:
1. It is an artificial being •Doctrine of piercing the veil of corporate entity or corporate fiction This is the doctrine to the effect that the separate personality of a corporation may be disregarded if such entity is used to defeat public convenience, justify wrong, protect fraud, or defend crime
2. It is created by operation of law.
3. It has the right of succession.
4. It has the powers, attributes and properties expressly authorized by law or incident to its existence. •Doctrine of limited capacity A corporation can exercise only the powers expressly conferred upon it by law and its articles of incorporation, those implied from such powers expressly granted, and those that are incident to its existence.
Classification of corporations
1. As to whether shares of stock are issued or not a. Stock corporation b. Non-stock corporation
2. As to the state or country under whose laws it was created a. Domestic corporation b. Foreign corporation
3. As to number of persons composing them a. Corporation aggregate b. Corporation sole
4. As to whether its purpose is public or private a. Public corporation b. Private corporation
5. As to whether its purpose is religious or not a. Ecclesiastical or religious corporation b. Lay Corporation
6. As to whether its purpose is charitable or not a. Eleemosynary corporation b. Civil corporation
7. As to their legal right to corporate existence a. De jure corporation b.