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Business Law: Corporation Defined under the Revised Corporation Code of the Philippines

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Business Law: Corporation Defined under the Revised Corporation Code of the Philippines

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Questions and Answers

What is the primary characteristic that distinguishes a corporation from its stockholders?

The right to sue and be sued

Separate and distinct personality (correct)

The power to incur obligations

The ability to own and possess property

What is the source of a corporation's powers and attributes?

The laws and regulations of its organization (correct)

The articles of incorporation

The board of directors

The shareholders' agreement

What is the consequence of a corporation being considered an artificial being?

It is not considered a juridical person

It is possessed of a personality separate and distinct from its stockholders (correct)

It is not liable for its actions

It has no right to sue and be sued

What is the primary benefit of the doctrine of separate entity?

It limits the liability of stockholders Signup and view all the answers

According to the Revised Corporation Code of the Philippines, what is the basis of a corporation's existence?

The operation of law Signup and view all the answers

According to the Doctrine of Legal Entity, who has the right to object to the admission in evidence of documents illegally seized from the corporation?

The corporation itself Signup and view all the answers

What is the consequence of the Doctrine of Legal Entity regarding corporate property?

Corporate property is owned by the corporation as a distinct legal fiction Signup and view all the answers

Under what circumstances can the legal fiction of a corporation be disregarded?

When valid grounds exist Signup and view all the answers

What is the consequence of the Doctrine of Legal Entity regarding the right of action?

The corporation has the right to maintain actions in its own name Signup and view all the answers

What is the term used to describe the situation where the legal fiction of a corporation is disregarded?

Piercing the corporate veil Signup and view all the answers