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with powers, attributes and properties expressly authorized by law or incident to its existence.
Stock corporation- Corporation which have capital stocks divided into shares and are authorized
to distribute to the holders of shares dividend or allotment of surplus profit on the basis of the
shares held.Primarily to make profits for its stockholder
Non-stock corporation all other private corporation, one in which no part of its income is
distributable as dividend to its member, officer, or trustees. May be formed for charitable,
educational, religious, civic, social, cultural, professional, scintific and other similar purposes.
Advantages of Corporate organization
1. Separate Juridical personality
2. Limited liability to investors
3. Free transferability of units of ownership
4. Centralized management
Partnership
v
Corporation
2.
Reason:
1.
2.
3.
2. Purpose Clause
A corporation has only such powers as are expressly granted by law or its AOI
Powers which are incidental to such conferred powers
Powers reasonably necessary to accomplish its purpose and those which are
incident to its existence.
3. Principal Office
Must be within the Philippines
4. Terms of existence
Cannot specify terms which is longer than 50 years at a time, may be renewed for
another 50 years but not earlier than 5 yrs prior to the original or subsequent expiry date.
5. Incorporators and Directors
-name, nationalities and residence of incorporators/directors
- treasurer chosen by the pre incorporation subscriber
6. Capital Stock
- amount of its authorize capital stock in lawful money of the Phil.
- No. of shares in which it is divided
- In case the shares are par value shares, the par value of each
- Name, nationalities and residence of the original subscriber
7. Other matters
-