10 Questions
What is the primary characteristic that distinguishes a corporation from its stockholders?
Separate and distinct personality
What is the source of a corporation's powers and attributes?
The laws and regulations of its organization
What is the consequence of a corporation being considered an artificial being?
It is possessed of a personality separate and distinct from its stockholders
What is the primary benefit of the doctrine of separate entity?
It limits the liability of stockholders
According to the Revised Corporation Code of the Philippines, what is the basis of a corporation's existence?
The operation of law
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
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
Under what circumstances can the legal fiction of a corporation be disregarded?
When valid grounds exist
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
What is the term used to describe the situation where the legal fiction of a corporation is disregarded?
Piercing the corporate veil
This quiz covers the definition of a corporation under the Revised Corporation Code of the Philippines, including its rights and powers. Learn about the basics of business law and corporate law in the Philippines.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
