Key Features of Corporation according to Company Law
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Questions and Answers

What is a key characteristic of a corporation according to the text?

  • Unlimited life
  • Interchangeable ownership
  • Limited liability (correct)
  • Ability to obtain capital
  • In a corporation, shareholders have the right to:

  • Vote for the board of directors (correct)
  • Elect the President
  • Determine the annual profits
  • Make daily operational decisions
  • What entity is considered an individual according to the law?

  • Limited liability partnership
  • Corporation (correct)
  • General professional partnership
  • Limited partnership
  • Which legal business structure mentioned in the text allows one person to form a corporation?

    <p>One person corporation</p> Signup and view all the answers

    How many individuals are required to form a traditional corporation as per the text?

    <p>5</p> Signup and view all the answers

    What percentage of taxable income are partnerships (excluding general professional partnerships) subject to, based on R.A. NO. 9337?

    <p>30%</p> Signup and view all the answers

    What aspect separates the legal structure of a corporation from its owners?

    <p>Limited liability</p> Signup and view all the answers

    What entity has its rights and liabilities separate from the owners?

    <p>Corporation</p> Signup and view all the answers

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