Corporations: Basic Considerations

通報

問題一覧

The 80-20 rule that states that for many events roughly 80% of the effects come from 20% of the causes.

pareto principle

One way in which corporations raise new capital is bu issuing _____.

shares of stock

The method of obtaining funds by issuing ordinary or preference shares

equity financing

Is less risky than debt financing

equity financing

Issuance of bonds, notes, or mortgage, because dividends on ordinary shares are not paid unless declared by the board of directors

debt financing

When a corporation does not declare cash dividends, the _____ from profitable operating activities may be invested to finance expanded operations

cash

A corporation may need the proceeds from an ______ issue to improve the balance between liabilities and shareholders' equity.

ordinary share

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. (The Corporation Code of the Philippines, Sec. 2)

corporation

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. (_______)

The Corporation Code of the Philippines, Sec. 2

A ______ is an artificial being with a personality separate and apart from its individual shareholders or members.

corporation

A corporation is an _____ with a personality separate and apart from its individual shareholders or members.

artificial being

It is created by operation of law.

corporation

It cannot come into existence by near agreement of the parties as in the case of business partnership.

corporation

It requires authority or grant from the state, either by a special incorporation law that directly creates the corporation or by means of a general corporation law. (______)

corporation the corporation code of the philippines

Has the capacity of continued existence subject to the period stated in the ARTICLES OF INCORPORATION.

corporation

It enjoys the right of succession.

corporation

It has the powers, attributes and properties expressly authorized by law or incident to its existence.

corporation

It has the legal capacity to act as a legal entity.

corporation

Shareholders have limited liability.

advantages of a corporation

A corporation has the legal capacity to act as a legal entity.

advantages of corporation

It has continuity of existence.

advantages of corporation

Shares of stock can be transferred without the consent of the other shareholder.

advantages of corporation

It's management is centralized in the board of directors.

advantages of a corporation

Shareholders are not general agents of the business.

advantages of a corporation

Greater ability to acquire funds

advantages of a corporation

A corporation is relatively complicated in formation and management.

disadvantages of a corporation

There is a greater degree of government control and supervision.

disadvantages of a corporation

It requires a relatively high cost of formation and operation.

disadvantages of a corporation

It is subject to heavier taxation than other forms of business organizations.

disadvantages of a corporation

Minority shareholders are subservient to the wishes of the majority.

disadvantages of a corporation

In large corporations, management and control have been separated from ownership.

disadvantages of a corporation

Transferability of shares permits the uniting of incompatible and conflicting elements in the venture.

disadvantages of a corporation

______ of the CORPORATION CODE classified private corporations.

Section 3

What are the classes of corporations?

stock corporation non-stock corporation

Corporations which have share capital divided into shares and are authorized to distribute to the holders of such shares dividends or allotments of the surplus profits on basis of the shares held.

stock corporation

Is one where no part of its income is distributable as dividends to its members, trustees or officers.

non-stop corporation

Any profit that this type of corporation may obtain as an incident to its operation, shall, whenever necessary or proper, be used for the furtherance of the purpose or purposes for which the corporation was organized.

non-stock corporation

Maybe formed or organized for charitable, religious, educational, professional, cultural, recreational, fraternal, literary, scientific, social, civic service or similar purposes

non-stock corporation

Other classifications of corporations

according to the number of persons according to nationality according to whether for public or private purpose according to whether for charitable purpose or not according to their legal right to corporate existence according to degree of public participation with regard to share ownership according to their relation to another corporation

Classifications of corporations according to number of persons

corporation aggregate corporation sole or a special form of corporation usually associated with the clergy

A corporation consisting of more than one corporator.

corporation aggregate

It is a corporation which consists of only one member or corporator and his successors such as a bishop.

corporation sole or a special form of corporation usually associated with the clergy

A corporation organized under Philippine laws.

domestic corporation

Classifications of corporations according to nationality

domestic corporation foreign corporation

A corporation organized under foreign laws.

foreign corporation

Classifications of corporations according to weather for public or private purpose.

public corporation private corporation

A corporation formed or organized for the government of a portion of the state (e.g. provinces, cities, municipalities and barangay)

public corporation

A corporation created for private aim, benefit or purpose.

private corporation

Classifications of corporations according to whether for charitable purpose or not.

ecclesiastical corporation eleemosynary corporation civil corporation

Those organized for religious purposes.

ecclesiastical corporation

Those established for public charity.

eleemosynary corporation

Those established for business or profit.

civil corporation

Other classifications of corporations according to their legal right to corporate existence.

de jure corporation de facto corporation

A corporation existing in fact and in law. It is organized in strict conformity with the law.

de jure corporation

A corporation existing in fact but not in law.

de facto corporation

Classifications of corporations according to degree of public participation with regard to share ownership.

close corporation open corporation publicly held corporation

A corporation who's share ownership is limited to selected persons or members of a family NOT EXCEEDING 20 PERSONS.

close corporation

A corporation where the share is available for subscription or purpose by any person.

open corporation

A corporation with a class of equities securities listed on an exchange or with assets in excess of 50 million pesos and having 200 or more holders, at least 100 shares of a class of its equity securities.

publicly held corporation

Classifications of corporations according to their relation to another corporation.

parent or holding corporation subsidiary 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.

parent or holding corporation

A corporation controlled by another corporation known as a parent corporation.

subsidiary corporation

What are the three steps in the creation and organization of a corporation?

1. promotion 2. incorporation 3. formal organization and commencement of business operations

It is the process of bringing together the incorporators or the person's interested in the business, of procuring subscriptions or capital for the corporation and of setting in motion the machinery that leads to the incorporation of the corporation itself.

promotion

The corporate name shall contain the words or abbreviations:

corporation or incorporated corp. or inc.

This step includes: Verification from the records of the SEC Drafting and execution of the articles of incorporation Deposit by the treasurer of the cash paid for the shares subscribed in the bank Filing of the articles of incorporation with the SEC together with treasures affidavit Payment of the filing fees Endorsement from other government agency Issuance by the SEC of the certificate of incorporation

incorporation

Formal organization requires the adoption of bylaws and the election of the board of directors and of the administrative officers.

formal organization and commencement of business operations

It also includes the taking of such other steps as our necessary to enable the corporation to transact the legitimate business or accomplish the purpose for which it was created.

formal organization and commencement of business operations

States that if a corporation does not formally organize and commends the transaction of its business within 2 years from the date of its incorporation, it's corporate powers shall cease and the corporation shall be deemed dissolved.

section 22 of the corporation code

In the Philippines, the general law which governs the creation of private corporations is the ______

corporation code of the philippines

______provides that all corporations organized under this code shall file with the securities and exchange commission articles of incorporation in any of the official languages duly signed end of knowledge by all of the incorporators

section 14

These are the rules of action adopted by the corporation for its internal government and for the government of its officers, shareholders or members.

bylaws

Bylaws shall be adopted within ______ from the issuance of the certificate of incorporation by the securities and exchange commission.

one month

Right to be issued certificate of stock or other evidence of share ownership and to transfer such shares.

rights of a shareholder

Right to attend and vote in person or byproxy at shareholders meetings.

rights of a shareholder

Right to elect and remove directors.

rights of a shareholder

Right to adopt, amend or repeal the bylaws

rights of a shareholder

Right to purchase of portion of any new shares issued to maintain the same percentage of stock ownership.

rights of a shareholder

Right to purchase a portion of any new shares issued to maintain the same percentage of stock ownership, however, this right is not absolute and maybe denied

preemptive right

Right to receive dividends when declared.

rights of a shareholder

Right to inspect corporate books and records and to receive financial reports of the corporations operations.

rights of a shareholders

Right to participate in the distribution of corporate assets upon dissolution

rights of a shareholder

Are those who composed a corporation whether as shareholders or members at any time.

corporators

This term includes incorporators, shareholders or members.

corporators

A corporation or a partnership can be a _____, but cannot be an ______.

corporator incorporator

A partnership can be a ____ in a corporation but a corporation cannot be a _____ in a partnership.

corporator general partner

Are shareholders or members mentioned in the articles of incorporation as originally forming and composing the corporation and are signatories to said articles of incorporation.

incorporators

They must be a natural person as distinguished from artificial beings.

incorporators

All incorporators are corporators of a corporation, but not all corporators are incorporators.

true true

Will always retain his status as such though no longer having an interest in the corporation.

incorporator

Are corporators in a stock corporation.

shareholders or stockholders

Maybe natural or juridical persons.

shareholders are stockholders

The code specifies that five or more persons, not exceeding 15, may form a private corporation provided that they are of legal age, owners or subscribers to at least one share of capital stock and that the majority are residents of the philippines.

incorporator s

Are corporators of a non-stock corporation.

members

Our persons who have agreed to take and pay for original, and issued shares of a corporation formed or to be formed.

subscribers

All incorporators are subscribers but a subscriber need not be an incorporator.

true

Our persons who bring about or cause to bring about the formation and organization of a corporation.

promoter

Are usually investment bankers who have agreed, alone with others, to buy at stated terms an entire or substantial part of an issue of Securities

underwriters

Are usually investment bankers who have guaranteed the sale of an issue by agreement to buy from the issuing corporation any unsold portion at a stated price

underwriters

100

Agreed to use his best efforts to market all or part of an issue

underwriters

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