I. ACCURATE OR PHONY. Write THE CASE if the truth given in the item is exact, otherwise publish FALSE. (2 pts each) True 1) Any unwavering property can be acquired within a partnership identity True 2) Every spouse is a debtor of a collaboration for whatsoever he may have promised to contribute in the partnership True 3) Turning up is definitely the process of settling the business or partnership affairs after the grave. __________ 4) Partnership is definitely annulled after the consent of the partners. Accurate 5) The surname of the limited partner cannot completely appear in the limited collaboration False6) A de facto corporation is out there in fact and in law
False7) Family members simply cannot establish a company under the Company Code __________ 8) Clinical, civil and political agencies with the purpose of serving the public may be form a stock corporation and issue stocks and shares to accumulate more resources to support the needy. __________ 9) Subscribed capital stock features par worth.
False10) A company can change its name from that formerly selected following complying with the formalities prescribed by law.
II. IDENTIFICATION. Write down thier correct answer. (15 points)
Private Firm 1) A corporation created underneath strict conformity with the mandatory requirements for incorporation and whose right to exist cannot be questioned by any party even within a direct proceeding for that goal by the Point out. Estoppel 2) A club which prevents a person from question or saying anything contrary to that which has become established as the truth by his individual representation either express or implied The corporation code from the Philippines 3) The title of BP 68 Religious Corporation 4) A company sole contains one member or corporator only fantastic successor including bishop. Non Stock organization 5) A corporation established pertaining to charitable functions _________________ 6) The percentage of the capital inventory issued and held simply by persons other than the corporation on its own. _________________ several. )A written acknowledgment by corporation in the interest, legal rights, participation of the person, management, profits and assets of your corporation. Favored 8) Shares issued for the organizers of your corporation in consideration of certain privileges or real estate. AOI 9) Term of corporate lifestyle
40% 10) The percentage of capital that could be owned by simply foreigners in corporations pertaining to explorations, expansion and usage of natural assets five11) The minimum number to contain the board of administrators and eventually build a corporation 2/312) The political election necessary to take out a plank of overseer
Right of Appraisal13) The right granted into a dissenting stockholder to demand payment of fair benefit of his shares in case of an extension of your corporate term Incidental 14) An act done away from limited power of a organization Corporation 15) An man-made being created by operation of rules having the directly to succession as well as the powers, attributes and homes expressly official by law or perhaps l incident to its existence
III. ENUMERATION (20 points)
A. 4 elements of a corporation
A corporation Is an unnatural being // by procedure of regulation // with right of succession // a corp law has the powers, attributes and properties expressly official by law or incident to its existence B. Five essential features of a relationship
First there must be a valid deal // Third would be mutual contribution pounds, property, or industry into a common fund // Last object must be lawful // primary goal to obtain income and to split them between parties
C. Two types of partnership concerning liability of partners -- General and Limited Deb. Two types of corporation beneath the Corporation Code вЂ“ Share and Low Stock Electronic. Two sorts of corporation about their business existence вЂ“ De Jure and Sobre Facto F. Two public corporations governed by the Company Code вЂ“ Close and Open Corporation G. Three powers of the corporation вЂ“ Express // Implies // Incidental // Inherent
A) Accdg to corp regulation...