Corporation: Definition and Attributes

Question 1

What is the first attribute of a corporation?

Answer 1

It is an artificial being having a personality separate and distinct from its shareholders or members.

Question 2

What is the second attribute of a corporation?

Answer 2

It is created by operation of law and cannot come into existence by mere agreement of parties.

Question 3

What is the third attribute of a corporation?

Answer 3

It enjoys the right of succession, for a corporation is expected to have perpetual existence unless its articles of incorporation provide otherwise.

Question 4

What is the fourth attribute of a corporation?

Answer 4

It has the powers, attributes, and properties expressly authorized by law or incidental to its existence.

Question 5

It is an artificial being created by law, having the right of succession and the powers, attributes and properties expressly authorized by law and incidental to its existence.

Answer 5

Corporation