Podcast
Questions and Answers
What is a valid reason for a corporation's dissolution?
What is a valid reason for a corporation's dissolution?
- The corporation fails to commence and operate due to causes beyond its control (correct)
- The corporation does not issue watered stock
- The corporation does not have a minimum of five directors
- The corporation's directors are not Filipino citizens
How can a director's vacancy be filled after removal by stockholders?
How can a director's vacancy be filled after removal by stockholders?
- By a vote of the remaining directors (correct)
- By the Securities and Exchange Commission (SEC)
- By a vote of the board of directors
- By a vote of the stockholders holding at least 2/3 of the outstanding capital stock
What is the consequence of non-commencement of business within 2 years from the date of incorporation?
What is the consequence of non-commencement of business within 2 years from the date of incorporation?
- Dissolution of the corporation (correct)
- No consequences
- Fines and penalties
- Revocation of the certificate of incorporation
Is it legal to issue watered stock in the Philippines?
Is it legal to issue watered stock in the Philippines?
What is the status of Super Corporation in the given scenario?
What is the status of Super Corporation in the given scenario?
What is the minimum number of years a corporation must operate before it can be considered continuously inoperative?
What is the minimum number of years a corporation must operate before it can be considered continuously inoperative?
What is a necessary requirement for a person to be selected as president of a corporation?
What is a necessary requirement for a person to be selected as president of a corporation?
What is the minimum amount of paid-up capital required for a corporation to comply with the law?
What is the minimum amount of paid-up capital required for a corporation to comply with the law?
What is an exception to the ways of enforcing payment of unpaid subscription?
What is an exception to the ways of enforcing payment of unpaid subscription?
Can a director enter into a contract with another corporation of which he is also a partner?
Can a director enter into a contract with another corporation of which he is also a partner?
What is the title of the person(s) who are responsible for the formation of a corporation?
What is the title of the person(s) who are responsible for the formation of a corporation?
What is the minimum amount of authorized capital required for a corporation to comply with the law?
What is the minimum amount of authorized capital required for a corporation to comply with the law?
What happens to the subscription price if a corporation becomes insolvent?
What happens to the subscription price if a corporation becomes insolvent?
What is a characteristic of cash dividends?
What is a characteristic of cash dividends?
What is a disadvantage of forming a corporation?
What is a disadvantage of forming a corporation?
What is required of a corporation after a quasi-reorganization?
What is required of a corporation after a quasi-reorganization?
What is the effect of a quasi-reorganization on a company's retained earnings?
What is the effect of a quasi-reorganization on a company's retained earnings?
What is the relationship between a quasi-reorganization and a corporation's financial statements?
What is the relationship between a quasi-reorganization and a corporation's financial statements?
What is the term for the owner's interest in the corporation's profits or net assets?
What is the term for the owner's interest in the corporation's profits or net assets?
What is the required vote to effect an amendment of the by-laws of a corporation?
What is the required vote to effect an amendment of the by-laws of a corporation?
What is the test used to determine the nationality of a corporation based on the controlling stockholders?
What is the test used to determine the nationality of a corporation based on the controlling stockholders?
Who cannot be an incorporator of a corporation?
Who cannot be an incorporator of a corporation?
Which two positions cannot be held simultaneously by one person in a corporation?
Which two positions cannot be held simultaneously by one person in a corporation?
Which of the following is not part of the three-fold duty of directors of a corporation?
Which of the following is not part of the three-fold duty of directors of a corporation?
What is the liability of A and B as solidary debtors of W, X, Y, and Z, joint creditors for P40,000?
What is the liability of A and B as solidary debtors of W, X, Y, and Z, joint creditors for P40,000?
How much can X collect from A as a joint creditor?
How much can X collect from A as a joint creditor?
How much can E collect from A as a solidary creditor?
How much can E collect from A as a solidary creditor?
What is the total obligation of the partnership on June 15, 2007?
What is the total obligation of the partnership on June 15, 2007?
What is the total amount of debt incurred by the partnership after June 15, 2007?
What is the total amount of debt incurred by the partnership after June 15, 2007?
How will the creditors' claims be satisfied after the partnership becomes insolvent?
How will the creditors' claims be satisfied after the partnership becomes insolvent?
