Corporation Practice Exam Questions With Correct Detailed Answers.
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Course
INC.
Institution
INC.
Corporation Law or Act 1459 - correct answer The 1st general law on corporation in the Philippines that was practically a codification of the American Law on corporations. It took effect on April 1, 1906
Batas Pambansa Blg. 68 - correct answer ...
Corporation Law or Act 1459 - correct answer The 1st general law on corporation in
the Philippines that was practically a codification of the American Law on corporations. It took effect on
April 1, 1906
Batas Pambansa Blg. 68 - correct answer For 39 years, the Corporation Code of the
Philippines or _____________ was the law that governed corporations; it took effect on May 1, 1980.
Revised Corporation Code of the Philippines - correct answer R.A 11232 was signed
by President Duterte on Feb. 20, 2019 and took effect on Feb. 23, 2019. Section 1 states that this code
shall be known as ______________.
Corporation - correct answer 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 (Section 2, RCCP)
Artificial Being - correct answer A corporation is an ________ with the personality
separate and apart from its individual shareholders or members
Created by the operation of law - correct answer A corporation is ________
because it requires a special authority or grant from the State, either by special incorporation law that
directly creates the corporation or by means of a general corporation law.
Right of succession - correct answer A corporation enjoys ________ because death,
withdrawal, insolvency, or incapacity of individual shareholders/ members does not dissolve a
corporation. Transfer of ownership of shares does not dissolve it either.
Perpetual Existence - correct answer Section 11 of the Revised Corporation Code of
the Philippines states that a corporation shall have _______ unless the articles of incorporation provides
otherwise.
, Characteristics of Corporation - correct answer 1. Separate Legal Entity
2. Transferable Unit of Ownership
3.Limited Liability of Shareholders.
4. Continuity of Existence
5. Governing Body
Partnership - correct answer - Created by mere agreement of partiers
- Requires at least 2 persons to form
- Acquire juridical personality from the moment the contract is executed (Articles of Partnership)
- May exercise power authorized by the partners.
- Unlimited liability for general partners
- Ownership cannot be transferred without the consent of all the partners.
May be dissolved anytime at will of the partners
Corporation - correct answer - Created by operation of law
- Requires at least 5 persons to form
- Acquire juridical personality at the time Certificate of Incorporation is issued by SEC.
- Exercise only the powers expressly authorized by law or incident to its existence.
- Limited liability to shareholders.
- Ownership can be transferred without the consent of other shareholders
Can only be dissolved with the consent of the state.
Stock and Non- Stock Corporation - correct answer Section 3 of the Revised
Corporation Code of the Philippines classified private corporations into ___________ and
____________.
Stock/ Share Corporation - correct answer A corporation that the share capital
divided into shares and are authorized and distributed to the holders of such shares dividends, or
allotments of the surplus profits on the basis of the shares held.
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