Classes

Question 1

Classes of shares/ corporations

Answer 1

1. Stock corporation
2. Non-stock corporation

Question 2

Purpose of making profits. a company owned by people who buy its shares. These shares represent ownership in the company, and shareholders can make money through dividends and if the stock price goes up. (e.g., private corporations)

Answer 2

Stock corporations

Question 3

also known as a nonprofit corporation, is an organization that does not issue stock and does not distribute profits to shareholders. Instead, any surplus funds are typically reinvested into the organization’s mission or used for charitable purposes. These corporations are often formed for purposes such as charitable, educational, religious, or social activities.

Answer 3

Non-stock corporations

Question 4

Types of corporations as to number of incorporators

Answer 4

A. Corporation aggregate
B. Corporation sole

Question 5

Types of corporations as to whether they are for religious purpose or not

Answer 5

A. Ecclesiastical corporation
B. Lay corporation

Question 6

Types of corporations as to whether they ate for charitable purposes or not

Answer 6

A. Eleemosynary corporation
B. Civil corporation

Question 7

Types of corporations as to state or country

Answer 7

A. Domestic corporation
B. Foreign corporation

Question 8

Types of corporations as to their legal right to corporate existence

Answer 8

A. De jure corporation
B. De facto corporation

Question 9

Types of corporations as to whether they are open for public or not

Answer 9

A. Close corporation
B. Open corporation

Question 10

Types of corporations as to their relationship to another corporation

Answer 10

A. Parent or holding corporation
B. Subsidiary corporation

Question 11

Types of corporations as to whether they are corporations in true sense or only in a limited sense

Answer 11

A. True corporation
B. Quasi-corporation

Question 12

Types of quasi corporation

Answer 12

1. Corporation by prescription
2. Corporation by estoppel

Question 13

As to whether they are for public (government) or private purpose

Answer 13

A. Public corporation
B. Private corporation

Question 14

is a type of corporation that consists of multiple individuals who act as a single legal entity.

Answer 14

Corporation aggregate

Question 15

is a legal entity consisting of a single person who holds an office, often in a religious or governmental context.

Answer 15

Corporation sole

Question 16

is a type of corporation created for the management of the affairs of a religious organization.

Answer 16

Ecclesiastical corporation

Question 17

is a type of corporation that is not associated with religious or ecclesiastical activities

Answer 17

Lay corporation

Question 18

is a type of nonprofit corporation established primarily for charitable purposes.

Answer 18

Eleemosynary corporation

Question 19

also known as a municipal corporation, is a type of organization created by a government to manage and govern a specific locality, such as a city, town, or county

Answer 19

Civil corporation

Question 20

is a company that is registered and operates within the country where it was originally incorporated.

Answer 20

Domestic corporation

Question 21

is a company that is registered in one country or state but operates and does business in another.

Answer 21

Foreign corporation

Question 22

is a company that has been legally and formally established according to the laws and regulations of the jurisdiction in which it operates.

Answer 22

De jure corporation

Question 23

is a company that operates as if it were a legally recognized corporation but has not completed all the necessary legal formalities for full recognition.

Answer 23

De facto corporation

Question 24

Which is limited to selected persons or family members

Answer 24

Close corporation

Question 25

Open to any person who may which to become a stockholder or member

Answer 25

Open corporation

Question 26

related to another corporation that it has the power either, directly or indirectly to, elect the majority of the directors of such other corporation

Answer 26

Parent or holding corporation

Question 27

which is so related to another corporation that the majority of its directors can be elected either, directly or indirectly, by such other corporation.

Answer 27

Subsidiary corporation

Question 28

one which exists by statutory authority;

Answer 28

True corporation

Question 29

one which exists without formal legislative grant.

Answer 29

Quasi-corporation

Question 30

refers to a situation where a partnership is legally recognized due to the partners’ continuous and apparent conduct of business together over a long period, even without a formal agreement.

Answer 30

Corporation by prescription

Question 31

which in reality is not a corporation, either de jure or de facto, because it is so defectively formed, but is considered a corporation in relation to those only who, by reason of their acts or admissions, are precluded from asserting that it is not a corporation.

Answer 31

Corporation by estoppel

Question 32

those formed or organized for the government of a portion of the State;

Answer 32

Public corporation

Question 33

those formed for some private purpose, benefit, or end; it may be either a stock or non-stock corporation, government-owned or -controlled corporation or quasi-public corporation. (infra)

Answer 33

Private corporation