Classes Flashcards
Classes of shares/ corporations
- Stock corporation
- Non-stock corporation
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)
Stock corporations
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.
Non-stock corporations
Types of corporations as to number of incorporators
A. Corporation aggregate
B. Corporation sole
Types of corporations as to whether they are for religious purpose or not
A. Ecclesiastical corporation
B. Lay corporation
Types of corporations as to whether they ate for charitable purposes or not
A. Eleemosynary corporation
B. Civil corporation
Types of corporations as to state or country
A. Domestic corporation
B. Foreign corporation
Types of corporations as to their legal right to corporate existence
A. De jure corporation
B. De facto corporation
Types of corporations as to whether they are open for public or not
A. Close corporation
B. Open corporation
Types of corporations as to their relationship to another corporation
A. Parent or holding corporation
B. Subsidiary corporation
Types of corporations as to whether they are corporations in true sense or only in a limited sense
A. True corporation
B. Quasi-corporation
Types of quasi corporation
- Corporation by prescription
- Corporation by estoppel
As to whether they are for public (government) or private purpose
A. Public corporation
B. Private corporation
is a type of corporation that consists of multiple individuals who act as a single legal entity.
Corporation aggregate
is a legal entity consisting of a single person who holds an office, often in a religious or governmental context.
Corporation sole
is a type of corporation created for the management of the affairs of a religious organization.
Ecclesiastical corporation
is a type of corporation that is not associated with religious or ecclesiastical activities
Lay corporation
is a type of nonprofit corporation established primarily for charitable purposes.
Eleemosynary corporation
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
Civil corporation
is a company that is registered and operates within the country where it was originally incorporated.
Domestic corporation
is a company that is registered in one country or state but operates and does business in another.
Foreign corporation
is a company that has been legally and formally established according to the laws and regulations of the jurisdiction in which it operates.
De jure corporation
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.
De facto corporation
Which is limited to selected persons or family members
Close corporation
Open to any person who may which to become a stockholder or member
Open corporation
related to another corporation that it has the power either, directly or indirectly to, elect the majority of the directors of such other corporation
Parent or holding corporation
which is so related to another corporation that the majority of its directors can be elected either, directly or indirectly, by such other corporation.
Subsidiary corporation
one which exists by statutory authority;
True corporation
one which exists without formal legislative grant.
Quasi-corporation
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.
Corporation by prescription
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.
Corporation by estoppel
those formed or organized for the government of a portion of the State;
Public corporation
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)
Private corporation
