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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.
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.
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.
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.
Stockholders are the owners of corporate properties or assets.
A corporation has unlimited powers, attributes, and properties.
A corporation has unlimited powers, attributes, and properties.
Corporation Defined: A corporation is a natural being created by operation of law.
Corporation Defined: A corporation is a natural being created by operation of law.
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)
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)
The interest of the stockholders over the properties of the corporation is only inchoate. (True/False)
The interest of the stockholders over the properties of the corporation is only inchoate. (True/False)
Artificial beings like corporations enjoy constitutional rights and the same protection the law grants to individuals. (True/False)
Artificial beings like corporations enjoy constitutional rights and the same protection the law grants to individuals. (True/False)
The right to object to an unlawful search and seizure belongs exclusively to the corporations, not to the corporate officers. (True/False)
The right to object to an unlawful search and seizure belongs exclusively to the corporations, not to the corporate officers. (True/False)
A corporation can bring civil and criminal action in its name. (True/False)
A corporation can bring civil and criminal action in its name. (True/False)
The corporate officers can invoke the right of the corporation against unreasonable searches and seizures in their personal capacity. (True/False)
The corporate officers can invoke the right of the corporation against unreasonable searches and seizures in their personal capacity. (True/False)
Corporations have their respective personalities, separate and distinct from the personality of the shareholders. (True/False)
Corporations have their respective personalities, separate and distinct from the personality of the shareholders. (True/False)
The word 'person' includes aliens, and private corporations are considered 'persons' within the scope of certain guaranties. (True/False)
The word 'person' includes aliens, and private corporations are considered 'persons' within the scope of certain guaranties. (True/False)
Upon dissolution, all charges and debts of the corporation are paid, and the remainder is divided by the stockholders. (True/False)
Upon dissolution, all charges and debts of the corporation are paid, and the remainder is divided by the stockholders. (True/False)
A corporation can be covered by specific tax exemptions. (True/False)
A corporation can be covered by specific tax exemptions. (True/False)
Flashcards
Corporate Personality
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
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
Artificial Being
Corporations are formed under the law, giving them legal recognition and rights. They are not naturally occurring entities.
Stockholder's Interest
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.
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Limited Corporate Powers
Limited Corporate Powers
Corporations are not limitless in their abilities and actions. They operate within the boundaries of their charter and the law.
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Constitutional Rights for Corporations
Constitutional Rights for Corporations
Corporations, despite being artificial persons, enjoy the same constitutional rights and protections as individuals under the law.
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Corporate Privacy Rights
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.
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Corporate Officer's Role in Privacy
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.
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Corporate Legal Actions
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.
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Unlawful Search and Seizure for Corporate Officers
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.
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Distinct Corporate Identity
Distinct Corporate Identity
Corporations have distinct identities from their owners, enabling them to operate independently and be treated as separate legal entities.
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Corporations as Persons
Corporations as Persons
The word 'person' is not limited to humans; it can include corporations who are granted certain constitutional protections.
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Corporate Dissolution and Distribution
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.
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Tax Exemptions for Corporations
Tax Exemptions for Corporations
Corporations can be granted specific tax exemptions depending on their purpose and structure. These exemptions are granted by the government.
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Government's Role in Exemptions
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.
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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.
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