* A Corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.
Attributes of a Corporation
* A Corporation is an artificial being with a personality separate and apart from its individual shareholders or members.
* It is created by operation of law.
* It enjoys the right of succession.
* It has the powers, attributes and properties expressly authorized by law or incident to its existence.
Advantages of a Corporation
* The corporation has the legal capacity to act as a legal entity
* Shareholders have limited liability.
* Its management is centralized in the board of directors
* It has continuity of existence.
...view middle of the document...
Classifications of Corporations
* According to number of persons:
* Corporation aggregate. A corporation consisting of more than one corporator.
* According to nationality:
* Domestic corporation . A corporation organized under Philippine laws.
* Foreign corporation . Organized under foreign laws.
* According to whether for public or private purpose:
* Public corporation. A corporation formed and organized for the government of a portion state( e.g. ., provinces, cities, municipalities and barangays)
* Private corporation. A corporation created for aim, benefit or purpose.
* According to their relation to another corporation:
* Parent or holding corporation. A corporation that is related to another corporation that it has the power to either directly or indirectly elect the majority of the directors of a subsidiary corporation
* Subsidiary corporation. A corporation controlled by another corporation known as a parent corporation.
Components of a Corporation
1. The time place manner of calling and conducting regular or special meetings of the directors or trustees:
2. The time and manner of calling and conducting regular or special meetings of the shareholders or members:
3. The required quorum in meetings of shareholders or members and the manner of voting therein:
4. The penalties for violation of the by-laws