Guide questions to ACC 225, Corporation. (2nd Exam)
INSTRUCTIONS: Kindly answer the following questions and write your answers (using your own
handwriting on a quiz sheet or any yellow paper. Thereafter, upload it in the BBL no later than the
deadline indicated.
1. Define corporation.
2. What are the attributes of a corporation?
3. Explain the following concept:
a. Corporation as an artificial being.
b. Corporation being a creation of law.
c. Corporation having the right of succession.
d. Corporate powers, attributes and properties expressly granted by law or incident to its
creation.
4. What is the Doctrine of Separate Personality/Corporate Entity Theory?
5. Explain the concept of “Piercing the veil of corporate entity/fiction”.
a. When can the court use this concept? Enumerate the grounds.
6. Distinguish the Express Powers of a Corporation from its Implied and Incidental Powers.
7. Explain the concept of the Ultra Vires Act.
a. What is the status of an Ultra Vires Act by the Corporation?
8. What are the advantages and disadvantages of a Corporation?
9. Define the following:
a. Stock Corporation.
b. Non-stock Corporation.
c. One-Person Corporations.
d. Corporation Aggregate.
e. Corporation Sole.
f. Ecclesiastical Corporation.
g. Lay Corporation.
h. Eleemosynary Corporation.
i. Civil Corporation
j. De jure Corporations.
k. De facto Corporations.
l. Domestic Corporations.
m. Foreign Corporations.
n. Close Corporations.
o. Open Corporations.
p. Parent or holding Corporation.
q. Subsidiary Corporation.
r. Private Corporation.
s. Public Corporation.
t. Incorporation.
u. Promotional stage.
v. Incorporators.
w. Corporators or stockholders.
x. Trustee.
y. Independent Director.
z. Shares of stock.
aa. Authorized capital stock.
bb. Subscribed capital stock.
cc. Subscription contract.
dd. Paid-up/Paid-in capital stock.
ee. Par value.
ff. Outstanding capital.
10. What is an article of incorporation?
a. What are the contents of an AOI?
11. What is the term of the existence of a corporation?
12. What is the rule for Stock Corporations with par value shares?
a. What is the rule for Stock Corporations with no par value shares?
13. What are the considerations for stock subscriptions?