Corporation - 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, Artificial being - it is a separate and distinct personality from the shareholders and as such it may corporation is viewed as a separate and distinct personality from the people who own it the internet., Right of Succession - a corp continues to exist for the period for which it has been formed regardless of the changes in the ownership of its stocks or in its membership. , Corporate ownership - the interest and right over a corporation is divided into shares of stocks to become a shareholder whose interest and rights are based on the number of shares and the kind of shares acquired., Doctrine of limited capacity - cop can exercise only the powers expressly conferred upon it by law and its articles of incorporation, those implied from such powers expressly granted, and those that are incident to its existence. , Limited liability - shareholders are not liable for corporate acts nor they are responsible for corporate debts. Their personal properties will not be confiscated to pay for corporate obligations., Transferability of rights - the shares of stock owned by a shareholder may be sold or transferred without prior consent of the other shareholders.,  Stock corporations - one that has capital stock divided into shares and is authorized to distribute dividends or allotments of the surplus profits on the basis of shares held. , Non - stock corporation - One no part of the income of which is distributable as dividends to its members, trustees or officers, Domestic corporation - One incorporated under Philippine laws , Foreign corporation - One formed, organized and existing under any laws other than those of the Philippines and whose laws allow Filipino citizen and corporation to do business in its own country,

Module 1: Corporation - Basic Concepts

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