Corporation Law First Exam Notes: Title One General Provisions
16 Questions
16 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

A corporation having alien stockholders is not entitled to the protection afforded by the due-process of law and equal protection of the laws clause of the Philippine.

False (B)

A corporation is an artificial being created by operation of law.

True (A)

A corporation exercises its powers through its Board of Directors or duly authorized officers and agents.

True (A)

Stockholders are the owners of corporate properties or assets.

<p>False (B)</p> Signup and view all the answers

A corporation has unlimited powers, attributes, and properties.

<p>False (B)</p> Signup and view all the answers

Corporation Defined: A corporation is a natural being created by operation of law.

<p>False (B)</p> Signup and view all the answers

A corporation's personality is separate and distinct from the personality of the shareholders, regardless of the amount of shares of stock or interest of each shareholder in the corporation. (True/False)

<p>True (A)</p> Signup and view all the answers

The interest of the stockholders over the properties of the corporation is only inchoate. (True/False)

<p>True (A)</p> Signup and view all the answers

Artificial beings like corporations enjoy constitutional rights and the same protection the law grants to individuals. (True/False)

<p>True (A)</p> Signup and view all the answers

The right to object to an unlawful search and seizure belongs exclusively to the corporations, not to the corporate officers. (True/False)

<p>True (A)</p> Signup and view all the answers

A corporation can bring civil and criminal action in its name. (True/False)

<p>True (A)</p> Signup and view all the answers

The corporate officers can invoke the right of the corporation against unreasonable searches and seizures in their personal capacity. (True/False)

<p>False (B)</p> Signup and view all the answers

Corporations have their respective personalities, separate and distinct from the personality of the shareholders. (True/False)

<p>True (A)</p> Signup and view all the answers

The word 'person' includes aliens, and private corporations are considered 'persons' within the scope of certain guaranties. (True/False)

<p>True (A)</p> Signup and view all the answers

Upon dissolution, all charges and debts of the corporation are paid, and the remainder is divided by the stockholders. (True/False)

<p>True (A)</p> Signup and view all the answers

A corporation can be covered by specific tax exemptions. (True/False)

<p>True (A)</p> Signup and view all the answers

Flashcards

Corporate Personality

A corporation's legal existence is separate from its owners (stockholders). This means the corporation can sue and be sued, own property, and enter into contracts independently from its shareholders.

Corporate Powers

A corporation, as a legal person, can exercise its rights and powers through its designated representatives, like its Board of Directors.

Artificial Being

Corporations are formed under the law, giving them legal recognition and rights. They are not naturally occurring entities.

Stockholder's Interest

Stockholders have an ownership stake in the corporation but cannot directly control its assets or operations. Their interest is limited to the value of their shares.

Signup and view all the flashcards

Limited Corporate Powers

Corporations are not limitless in their abilities and actions. They operate within the boundaries of their charter and the law.

Signup and view all the flashcards

Constitutional Rights for Corporations

Corporations, despite being artificial persons, enjoy the same constitutional rights and protections as individuals under the law.

Signup and view all the flashcards

Corporate Privacy Rights

A corporation's right to privacy is separate from the privacy rights of its individual officers. The corporation itself has a right to be free from unlawful searches and seizures.

Signup and view all the flashcards

Corporate Officer's Role in Privacy

The right to privacy extends to corporations and their officers. Officers act as representatives and can protect the corporation's privacy rights.

Signup and view all the flashcards

Corporate Legal Actions

A corporation, like a person, can pursue legal action to enforce its rights or address grievances. They can sue or be sued in its own name.

Signup and view all the flashcards

Unlawful Search and Seizure for Corporate Officers

The officers of a corporation have no personal right against unreasonable searches and seizures. This right belongs to the corporation itself.

Signup and view all the flashcards

Distinct Corporate Identity

Corporations have distinct identities from their owners, enabling them to operate independently and be treated as separate legal entities.

Signup and view all the flashcards

Corporations as Persons

The word 'person' is not limited to humans; it can include corporations who are granted certain constitutional protections.

Signup and view all the flashcards

Corporate Dissolution and Distribution

When a corporation dissolves, its outstanding debts and obligations are settled first. Any remaining assets are then distributed amongst its stockholders.

Signup and view all the flashcards

Tax Exemptions for Corporations

Corporations can be granted specific tax exemptions depending on their purpose and structure. These exemptions are granted by the government.

Signup and view all the flashcards

Government's Role in Exemptions

The government can grant exemptions based on a corporation's activities, objectives, or structure, which can reduce its tax burden.

Signup and view all the flashcards

Study Notes

Corporation Definition and Characteristics

  • A corporation is an artificial being created by operation of law, not a natural being.
  • A corporation has a separate and distinct personality from its shareholders, regardless of the amount of shares or interest.
  • A corporation exercises its powers through its Board of Directors or duly authorized officers and agents.

Stockholders and Corporate Properties

  • Stockholders are the owners of corporate properties or assets.
  • The interest of the stockholders over the properties of the corporation is only inchoate.

Constitutional Rights and Protection

  • Artificial beings like corporations do not enjoy the same constitutional rights and protection as individuals.
  • A corporation is not entitled to the protection afforded by the due-process of law and equal protection of the laws clause of the Philippine Constitution if it has alien stockholders.

Corporate Actions and Rights

  • A corporation can bring civil and criminal action in its own name.
  • The corporate officers cannot invoke the right of the corporation against unreasonable searches and seizures in their personal capacity.
  • The right to object to an unlawful search and seizure belongs exclusively to the corporation, not to the corporate officers.

Corporate Personality and Dissolution

  • Corporations have their respective personalities, separate and distinct from the personality of the shareholders.
  • Upon dissolution, all charges and debts of the corporation are paid, and the remainder is divided by the stockholders.

Taxation

  • A corporation can be covered by specific tax exemptions.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Description

Prepare for your Corporation Law first exam with comprehensive notes on Title One General Provisions, Definitions, and Classification, including the Joaquin Natividad Doctrine. Understand the definition of a corporation as an artificial being created by operation of law.

More Like This

Merger and Consolidation in Corporation Law
12 questions
Philippines Corporation Law
40 questions

Philippines Corporation Law

MultiPurposeSupernova avatar
MultiPurposeSupernova
Law of Business Entities Final Exam Review
45 questions
Use Quizgecko on...
Browser
Browser