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All corporations issue shares of stock and are either public or private. 26 cornorations bav

All corporations issue shares of stock and are either public or private. 26 cornorations bav

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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is All corporations issue shares of stock and are either public or private. * stock corporations have their share capital divided into shares and are authorized to distribute to the holders of such share dividends or allotments of the accumulated profits on the basis of the shares held. The president of a corporation must be a director of the corporation. a Incorporators can be artificial beings. * Death of a shareholder will not dissolve the corporation. 1 Preference shares of stock should only be issued as par value shares. 1. A de jure corporation is a corporation existing in fact and in law. 13. Shares without par value may be issued for a consideration less than P5.00 per share. 34. The liability of the shareholders for the payment of corporate debts is limited to the value of their shares. 35. A corporation shall have a corporate term of 50 years unless its articles of. incorporation states it as of perpetual existence. 36. Any person, partnership, association or corporation, singly or jointly with others but not more than fifteen (15) in number, may organize a corporation for any lawful purpose or purposes. 37. Natural persons who are licensed to practice a profession, and partnerships or associations organized for the purpose of practicing a profession, are allowed to organize as a corporation. 38, Under the old Corporation Code, the minimum number of incorporators was five. Under the RCCP, one person can form a corporation, the one person corporation, 39. Corporations vested with public interest shall have independent directors constituting at least 25% of such board. 40. Foreign corporations are allowed to give donations in aid of any political party or candidate or for purposes of partisan political activity. 41. In the articles of incorporation, the principal place of business must be a specific address within the Philippines. 42. A majority of the incorporators must be residents of the Philippines. 43. The incorporators and the treasurer sign the articles of incorporation. 44. If a corporation does not formally organize and commence its business within 3 years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the 3-year period. 45. If the corporation is vested with public interest, the board has the option to elect a compliance officer. person, a trust or an estate. the sole shareholder's liability is always limited to his investment. * The single stockholder may be appointed as the corporate secretary of the OPC,. Chapter 5: Basic Considerations | 5-21 the Philippines.
Transcribed Image Text:is All corporations issue shares of stock and are either public or private. * stock corporations have their share capital divided into shares and are authorized to distribute to the holders of such share dividends or allotments of the accumulated profits on the basis of the shares held. The president of a corporation must be a director of the corporation. a Incorporators can be artificial beings. * Death of a shareholder will not dissolve the corporation. 1 Preference shares of stock should only be issued as par value shares. 1. A de jure corporation is a corporation existing in fact and in law. 13. Shares without par value may be issued for a consideration less than P5.00 per share. 34. The liability of the shareholders for the payment of corporate debts is limited to the value of their shares. 35. A corporation shall have a corporate term of 50 years unless its articles of. incorporation states it as of perpetual existence. 36. Any person, partnership, association or corporation, singly or jointly with others but not more than fifteen (15) in number, may organize a corporation for any lawful purpose or purposes. 37. Natural persons who are licensed to practice a profession, and partnerships or associations organized for the purpose of practicing a profession, are allowed to organize as a corporation. 38, Under the old Corporation Code, the minimum number of incorporators was five. Under the RCCP, one person can form a corporation, the one person corporation, 39. Corporations vested with public interest shall have independent directors constituting at least 25% of such board. 40. Foreign corporations are allowed to give donations in aid of any political party or candidate or for purposes of partisan political activity. 41. In the articles of incorporation, the principal place of business must be a specific address within the Philippines. 42. A majority of the incorporators must be residents of the Philippines. 43. The incorporators and the treasurer sign the articles of incorporation. 44. If a corporation does not formally organize and commence its business within 3 years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the 3-year period. 45. If the corporation is vested with public interest, the board has the option to elect a compliance officer. person, a trust or an estate. the sole shareholder's liability is always limited to his investment. * The single stockholder may be appointed as the corporate secretary of the OPC,. Chapter 5: Basic Considerations | 5-21 the Philippines.
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