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Determines the formal process of establishment of a business organization and regulations related to the selling of corporate entities.
Statement 1. SEC will issue a license after complying with the documentary requirements Statement 2. Within 60 days from the issuance of the license, foreign corporation shall deposit bonds at least one hundred thousand dollars
The by-laws may provide that the members of a non-stock corporation may hold their regular or special meetings at any place even outside the place where the principal office of the corporation is located.
An artificial person like a corporation may be a partner in a partnership.
Arrange the following sentence in order to properly describe the processes in the election of directors or trustees
In case of a change of address of the resident agent, it shall be his or its duty to immediately notify in writing the _________________ of the new address.
The power to declare dividends is one of the
Supposing that you are in charge of processing the documentary requirements of the incorporation of a private College with the specialization in the field of information and communications technology, where will you obtain the recommendation for such institution to be formed?
A partner may be a limited and general partner at the same time.
A parrnership whose capital in money or property amounts to P3,000 or more does not acquire juridical personality if the contract is not recorded with the SEC.
A corporate director acts within that granted authority. This is a form of
Which of the following instances may a stockholder of a corporation shall have the right to dissent and demand payment of the fair value of his shares?
The minimum capital in money or property except when immovable property or real rights thereto are contributed, that will require the contract of partnership to be in a public instrument and be registered with the SEC.
Which of the following situations is not allowed in a corporation
Non-stock corporations are business organizations which may be organized for
The board of directors or trustees of each corporation, party to the merger or consolidation, shall approve a plan of merger or consolidation, which of the following must be set forth?
The primary office of ABC Inc. is located at Mandaluyong City, it also have a branches in Makati City and Quezon City. The minutes of meetings of the board of directors are kept at ______________.
Identify which formula best depicts a consolidation
Upon issuance of the__________, a foreign corporation may commence to transact business in the Philippines and continue to do so for as long as it retains its authority to act as a corporation under the laws of the country or state of its incorporation, unless such license is sooner surrendered, revoked, suspended or annulled.
How many incorporators are there in a corporation sole?
Which of the following organizations may be best considered as a special corporation
A contract where two or more persons bind themselves to contribute money, property or industry to a common fund with the intention of dividing the profits among themselves.
A limited partner shall be liable as general partner in three of the following cases. Which one is the exception?
Every ______________ is authorized to do business in the Philippines under a license therefore issued to it, shall continue to have such authority under the terms and condition of its license, subject to the provisions of the Corporation Code and other special laws.
Statement 1. A person who is already a stockholder of a corporation may acquire additional shares when the corporation declares dividends
What may be the composition of the executive committee of a corporation?
Which of the following statements is correct regarding trustees and officers?
Subscribers for stock shall pay to the corporation interest on all unpaid subscriptions from ________________________.
Any amendment to the plan of merger or consolidation may be made, provided such amendment is approved by majority vote of the respective boards of directors of all the constituent corporations and ratified by the affirmative vote of stockholders representing _________________ of the outstanding capital stock of each of the constituent corporations.
These are powers that are necessary to carry into effect the powers expressly granted upon a corporation
Statement 1. At least seventy percent of the authorized capital stock of educational corporations must be owned by Filipino citizens
Which of the following are things that are required to be kept in a corporation?
A partnership begins from the moment of the execution of the contract unless a different date is stipulated.
Company by-laws must be
Which of the following signifies a consolidation of three companies?
Doing business in the Philippines covers the appointing representatives or distributors domiciled in the Philippines or who in any calendar year stay in the Philippines for a period or periods totaling ________ or more.
An educational institution to offer vocational courses must have an endorsement from
Identify which formula best depicts a merger
One of the following is not a characteristic of partnership.
Non-stock corporations may be formed or organized for __________________.
In a dissolution by shortening of term, a copy of the amended articles of incorporation shall be submitted to the
A stock or non-stock corporation organized to provide facilities for teaching.
The following positions in a corporation are presented to you
Statement 1. Liquidation is the winding up of the affairs of a corporation
Turkey Food Company is a foreign corporation who acquired license to operate in the Philippines. Which of the following statements is true
Which of the following will not cause the automatic dissolution of a general partnership?
Which statement describes a close corporation?
The profits and losses of the partnership shall be divided equally among the partners if they have no profit and loss sharing agreement.
A foreign corporation applying for a license to transact business in the Philippines shall submit to the Securities and Exchange Commission a copy of its __________________, certified in accordance with law, and their translation to an official language of the Philippines, if necessary
A subscription for shares of stock of a corporation still to be formed shall be irrevocable for a period of at least ___________ from the date of subscription.
ABCD College is a non-stock corporation. Which of the following is correct
At least _______ of the authorized capital stock of educational corporations must be owned by Filipino citizens.
The board of directors shall perform three major functions, which is not included?
Watered stocks are
A corporation sole may be dissolved and its affairs settled voluntarily by submitting to the Securities and Exchange Commission a _____________________.
The issuance of watered stock is a form of
A dissenting stockholder must make and submit a written demand on the corporation within __________ after the date on which the vote was taken for payment of the fair values of his shares.
Organization that does not have a capital stock.
All partners including industrial ones shall be liable pro rata with all their separate property after the partnership assets have been exhausted.
A partner's interest in the partnership is his share of the profits and surplus which he may assign to a third person. Which of the following statements concerning such right is correct?
Which of the following statements does not describe a watered stock?
Statement 1. A close corporation is a business organization which all shares are held by a few selected persons
A limited partner may contribute
Notice to any partner relating to partnership affairs is notice to the partnership.
In a proxy,
Which of the following is the final step in a merger
An educational corporation is a stock or non-stock corporation organized to provide facilities for teaching.
Two or more corporations may merge into a new single corporation which shall be the ______________ corporation.
Which of the following situations describes a merger?
Which of the following is not a form of involuntary dissolution
One of the distinctions between a partnership and a corporation is that a partnership
Which of the following statements describes a close corporation?
Upon the winding up of the corporate affairs, any asset distributable to any creditor or stockholder or member who is unknown or cannot be found shall be
A person insists to have a copy of reports and financial statements of a company. In what situations where you can refuse to let the person have the things that he is requesting?
The application for a license to transact business in the Philippines shall likewise be accompanied by a statement under oath of the president or any other person authorized by the corporation, showing to the satisfaction of the Securities and Exchange Commission and other governmental agency in the proper cases that the applicant is solvent and in sound financial condition, and setting forth the assets and liabilities of the corporation as of the date not exceeding __________ immediately prior to the filing of the application.
Business organization which all shares are held by a few selected persons who are either related by blood or marriage, or those who know each other well and are aware of each other's business skills.
ABC Inc. had a merger with XYZ Inc. It was agree that XYZ will be the surviving company. Which of the following statements is true?
The power to o establish pension, retirement, and other plans for the benefit of its directors, trustees, officers and employees is one of the
Statement 1. In a corporate dissolution, the organization shall continue as a body corporate for three years after the time when it would have been so dissolved for the purpose of continuing the business operations
Which of the following stipulations is valid?
Which of the following statements correctly describes the liability of the board
Which of the following situations describes a consolidation?
Which of the following sentences is incorrect regarding merger and consolidation?
The form for proxies of stockholders and members and the manner of voting them
Upon written petition to SEC, stockholders may compel the dissolution of the corporation whenever
Doing business in the Philippines covers
A stock corporation can be directly converted into a non-stock corporation
Which of the following statements is incorrect?
A person admitted to all the rights of a limited partner who has died or has assigned his interest in the partnership is known as
Statement 1. Foreign corporations doing business in the Philippines with license may sue and be sued in the country Statement 2. Foreign corporations doing business in the Philippines without license cannot sue and cannot be sued in the Philippines.?
A partnership intended to be formed as a limited partnership but without the word "Limited" or "Ltd." appended to its name shall be considered as a general partnership.
When a partner has been appointed manager in the articles of partnership, he may be removed without just cause by the vote of the partner owning the controlling interest.
A ________________ may be either an individual residing in the Philippines or a domestic corporation lawfully transacting business in the Philippines.
Which of the following group of people may form the board of trustees in an educational institution?
Statement 1. The surviving or consolidated corporation shall be responsible and liable for all the liabilities and obligations of each of the constituent corporations as if the remaining corporations themselves had incurred the obligation.
This is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.
A stipulation exempting a capitalist partner from losses is valid.
Within ten (10) days from receipt of a written request of any stockholder or member, the corporation shall furnish to him its most recent financial statement, which shall include
The following are included in the specific express powers of a corporation, except,
The sharing of gross returns does not of itself establish a partnership even if the persons sharing them have a joint or common interest in the property from which the returns are derived.
Which of the following is not part of the non-stock corporation.
Which of the following is/are a ground/s to disallow inspection of company records?
A general partnership is automatically dissolved by reason of the insanity of a partner.
Which of the following is not part of documentary requirements?
The right of appraisal shall cease if
One of constituent remains as an existing juridical person, the suriving corporation, whereas the other corporation shall be absorbed by the former.
If the partnership has the required minimum capital in money or property but the contract is not in a public instrument or the same is not recorded with the SEC, the partnership
Which of the following foreign companies is considered as a foreign corporation doing business in the Philippines
For a non-stock educational institution, which of the following is the possible number of trustees?
In a corporation, a corporate officer had committed acts that fall outside the scope of their legal authority. This is a form of
Any foreign corporation lawfully doing business in the Philippines shall be bound by all laws, rules and regulations applicable to __________________ of the same class, except such only as provide for the creation, formation, organization or dissolution of corporations or those which fix the relations, liabilities, responsibilities, or duties of stockholders, members, or officers of corporations to each other or to the corporation.
The records of all business transactions of the corporation and the minutes of any meetings shall be open to inspection by ___________________________ of the corporation at reasonable hours on business days and he may demand, in writing, for a copy of excerpts from said records or minutes, at his expense.
In merger, the constituent corporations shall be dissolvd and a new consolidated corporation will emerge into new corporate entity which shall obtain all the assets of the disappearing corporations, as well as all their liabilities.
The private creditor of a partner shall have preference over such partner's separate property.
Which of the following persons may form a corporation?
External appraisal of the value of shares happen when the stockholder and the corporation cannot agree in the fair value of the shares.
In a universal partnership of all present property, the partners may stipulate that future property shall belong to the partnership but the stipulation cannot include property acquired by inheritance, legacy or donation.
A partnership has a personality separate and distinct from each of the partners.
Which is not the characteristic of regular corporation.
The following are the liabilities of a stockholder, except
Attached to the ______________ shall be a duly executed certificate under oath by the authorized official or officials of the jurisdiction of its incorporation, attesting to the fact that the laws of the country or state of the applicant allow Filipino citizens and corporations to do business therein, and that the applicant is an existing corporation in good standing.
A corporation sole is an incorporated office, composed of a single individual who may be a bishop, priest, minister or presiding officer of a religious sect, denomination or church.
After dissolution, a partnership is still bound by the act of a partner authorized to act for the partnership with respect to the completion of transactions begun before dissolution.
Which if the following statement is incorrect with regards to the procedures involved in a merger?
Which of the following statements is correct? [2]
Which of the following distinguishes a non-stock corporation from a stock corporation
A partner may associate another person with him in his share but the associate shall not be admitted to the partnership without the consent of all the partners.
Which of the following is/are requirements in acquiring license to do business in the Philippines?
The partnership will bear the risk of the loss of three of the following things. Which is the exception?
Upon approval by ______________ of each of the board of directors or trustees of the constituent corporations of the plan of merger or consolidation, the same shall be submitted for approval by the stockholders or members of each of such corporations at separate corporate meetings duly called for the purpose.
Arrange the following steps in merger or consolidation
He contributes his services to the partnership.
If there is a deadlock in the management, the Securities and Exchange Commission may arbitrate the dispute and shall have several authorities which are expressly stated. Which among these statements is not included in such authorities?
An educational institution to offer programs from Grade 1-6 must have an endorsement from
The power to make to decide and do things in order to protect debts due to the corporation is one of the
Statement 1. If a corporation fails to formally organize and commence the transactions of its business or construction of its works within two years from its incorporation, it may be dissolved
All the partners are general partners.
It is a company formed, organized or existing under any law other than those of the Philippines, and whose laws allow Filipino citizens and corporations to do business in its own country or state
It can be converted to non-stock corporations by amending its Articles of Incorporation.
If the paid-up capital of the corporation is greater than P50,000.00,
Statement 1. A priest alone, can form a religious corporation
You are about to comply the requirements of an educational institution that offers non-degree programs in the field of housekeeping, where will you obtain your endorsement letter?
A foreign corporation is a company formed, organized or existing under any law other than those of the Philippines, and whose law allow Filipino citizens and corporation to do business in its own country or state.
When a partner is not authorized to act for the partnership and the act of the partner is not for apparently carrying on of the business, the partnership shall be bound by the act of such partner if the third person was not aware of the partner's lack of authority.
Arrange the following steps in order to exercise appraisal right
Which of the following is a requirement for the withdrawal of a foreign corporation?
The partnership shall bear the loss of things which are contributed to the partnership to be sold.
Under the Foreign Investment act of 1991, doing business covers
The close corporation has the option to refuse to register the transfer of the stock in the name of the transferee when he is conclusively presumed to have notice
Which of the following signifies a merger of three companies?
Based on our lesson, which of the following statements best defines a foreign corporation
A non-stock corporation can be directly converted into a stock corporation. This statement is
In non-stock corporations, board of directors erm s one year
Which statement describes a non-stock corporation?
Articles of universal partnership entered into without specification of its nature only constitute a universal partnership of all present property.
The right of the members of any class or classes to vote may be limited, broadened or denied to the extent specified in the _______________.
As a rule, a limited partner shall be liable as a general partner if he allows the use of his surname to be included in the partnership name.
An educational institution to offer undergraduate degrees must have an endorsement from
The board of directors may, by resolution, order the sale of delinquent stock and shall specifically state the amount due on each subscription plus all accrued interest, and the date, time and place of the sale which shall not be less than ____________ nor more than __________ from the date the stocks become delinquent.
The change in the relation of the partners caused by any ceasing to be associated in the carrying on of the business is
In a corporate liquidation, if the three year extended life has expired without a trustee or receiver having been expressly designated by the corporation itself within that period, the board of directors or trustees
A limited partner may assign his interest to another person.
Which of the following can cause the revocation of license of a foreign corporation
One or more foreign corporations authorized to transact business in the Philippines may merge or consolidate with any domestic corporation.
Statement 1. The separate existence of the constituent corporations in a merger shall cease.
Notice of meetings called for the purpose of a merger shall be given to all stockholders or members of the respective corporations, at least two _______________ prior to the date of the meeting, either personally or by registered mail. Said notice shall state the purpose of the meeting and shall include a copy or a summary of the plan of merger.
Statement 1. If a foreign corporation duly licensed to do business desires to withdraw, it must file a petition for withdrawal
In case of death, resignation, transfer or removal of the person in office his successor replaces him and continue the corporation sole.
Which of the following statements describes a voluntary dissolution?
Statement 1. When a director or trustee takes advantage of the business opportunity and obtained profits that should belong to the corporation he is serving, he must account to of the all profits and return them to the corporation
One of the following is not a requisite of a contract of partnership. Which is it?
Statement 1. A non-stock corporation is an organization that does not have a capital stock, any profit it may obtain shall be distributed equally to the members
A partnership formed for the exercise of a profession whic is duly registered is an example of
In case of withdrawal of license by a foreign corporation, petition must be publish once a week for ____ consecutive weeks.
An educational institution to offer senior high school programs must have an endorsement from
Without prejudice to other grounds provided by special laws, if a foreign corporation failed to file its annual report or pay any fees,
Which of the following statements concerning the name of a partnership is false?
Braganza, Ortiz and Nevado want to form a partnership with Braganza contributing P500,000; Ortiz, office equipment; and Nevado, his services. If the three were to form a limited partnership, who among them will be the limited partner/s?
Which of the following companies cannot become a close corporation?
ABC Inc. and XYZ Inc. consolidated into WVU Inc. Which of the following statements is true?
Every corporation whose charter expires by its own limitation or is annulled by forfeiture or otherwise, or whose corporate existence for other purposes is terminated in any other manner, shall nevertheless be continued as a body corporate for _______________ after the time when it would have been so dissolved, for the purpose of prosecuting and defending suits by or against it and enabling it to settle and close its affairs, to dispose of and convey its property and to distribute its assets, but not for the purpose of continuing the business for which it was established.
Holders of subscribed shares not fully paid which are not delinquent shall have ___________________________________.
Which of the following is a liability of a stockholder?
The partnership shall be solidarily liable with all the partners if one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it.
Under the Foreign Investment act of 1991, doing business covers the following, except
The rights of creditors or liens upon the property of any of such constituent corporations shall not be impaired.
Statement 1. In a close corporation, corporate powers may be exercised by stockholders
In a limited partnership where there are 4 partners:
An industrial partner can engage in business for himself if it is of a kind different from the partnership business even without the consent of the other partners.
Any stockholder of a close corporation may, for any reason, compel the said corporation to purchase his share at their fair value, which shall not be less than their par or issued value, when the corporation has sufficient asset to cover its debts and liabilities excluding capital stock. Based on this, which of the following statements is correct?
A newly admitted partner is liable for partnership debts contracted before his admission to the extent of his contribution unless there is a contrary stipulation.
Which of the following will not cause the automatic dissolution of a limited partnership?
The demand for payment may not be withdrawn unless with consent of the corporation.
For a stock educational institution, which of the following is the possible number of directors?
XYZ is a close corporation. Can the stockholders manage the business of the corporation?
A man and a woman living together as husband and wife without the benefit of marriage may enter into a universal partnership.
Which of the following is/are requisites of a close corporation?
Failure to pay any and all taxes, imposts, assessments or penalties cannot revoke or suspend the license.
Statement 1. A non-stock corporation can be converted into a stock corporation
Shares of stock shall not be issued in exchange for ____________ ..
A limited partner may contribute money and/or property to a partnership but not services.
___________ are entitled to operate without the strict formalities normally required in the operation of standard corporations.
In regular corporations only to board of directors exercise corporate powers.
In consolidation, one of constituent remains as an existing juridical person, the suriving corporation, whereas the other corporation shall be absorbed by the former.
Which of the following statements is correct?
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