Questions and Answers
What type of corporation has its capital divided into shares of stock?
What is a non-stock corporation?
One whose profit is not available for distribution as dividend.
Define a public corporation.
One that is formed to carry out the functions and purposes of the government.
What is the purpose of a private corporation?
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What is an ecclesiastical corporation?
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What distinguishes a lay corporation?
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What is a close corporation?
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What defines an open corporation?
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What is a domestic corporation?
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What is a foreign corporation?
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What is a holding corporation?
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What is a subsidiary corporation?
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Define a de jure corporation.
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What is a de facto corporation?
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What is a one-person corporation?
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Study Notes
Types of Corporations
- Stock Corporation: Capital divided into shares; profits are distributed as dividends to shareholders.
- Non-stock Corporation: Profits are not distributed as dividends; typically serves a non-profit purpose.
- Public Corporation: Created to fulfill governmental functions and purposes; operates for the public good.
- Private Corporation: Established for commercial and private benefits; profits are distributed among owners.
- Ecclesiastical Corporation: Formed for spiritual purposes; often related to specific religious organizations.
- Lay Corporation: Established for non-religious purposes; can be further distinguished as eleemosynary (charitable) or civil (business-oriented).
- Close Corporation: Shares are held privately, often by family members; not offered to the public.
- Open Corporation: Shares are publicly traded and listed on stock exchanges, like the Philippine Stock Exchange.
- Domestic Corporation: Incorporated under local laws in the Philippines; operates within national jurisdiction.
- Foreign Corporation: Formed under the laws of another country; may need to register to operate domestically.
- Holding Corporation: Primarily invests in and manages other corporations rather than conducting its own operational business.
- Subsidiary Corporation: Majority-owned by a parent or holding corporation, dependent on the umbrella company for oversight.
- De Jure Corporation: Legally recognized with a formal structure and compliance with regulations.
- De Facto Corporation: Exists in practice but does not have formal legal recognition; often due to non-compliance with regulations.
- One-person Corporation: Owned by a single individual, allowing for simpler governance and management structures.
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Description
This quiz covers various classes of corporations, including stock corporations, non-stock corporations, and public corporations. Each card provides a definition to help you understand the distinctions between these types of organizations. Test your knowledge and enhance your understanding of corporate structures!
