Definition Artificial being created by law

Preferred Shares
Separate Legal Entity Can transact under corporate name
Ordinary Shares
Limited Liability for Shareholders Shareholders liable to extent of investment only
Founders' Shares
Transferable Stock Ownership Doesn't need BOD permission to transfer stock
Promotion Shares Classes of Shares
Easy to Obtain Capital Capital issuances
Redeemable Shares General Information
Characteristics Perpetual Corporate Existence Can have indefinite life
Voting Shares, Non-Voting Shares
Corporate Management Board of Directors Issue Dividends
Convertible Shares
By law

Can be dissolved By order of court

Stock Corporation
Main Classes By action of shareholder Needs consent of state
Non-Stock Corporation

Domestic Corporation
By Nationality Introduced One Person Corporation (OPC)
Foreign Corporation
Not morethan 15
Public Corporation
Incorporators OPC must be a trust, or estate, or natural person of legal age
Private Corporation By Public or Private Purpose
Must hold at least one stock in corporation
Quasi-Public Corporation
OPCs cannot be formed by licensed professionals
Corporation Aggregate
By Number of Corporators Corporate Name must follow rules and be original
Corporation Sole Formation and Organization of a Corporation Revised Corporation Code of PH, RA 11232
Principal office address can be general name of city/municipality
Ecclesiastical Corporation Classes of Corporations
Corporation can have perpetual existence
Elymosynary Corporation By Specific Purpose
Failure to commence business now 5 years after SEC Issuance
Civil Corporation
Residency requirement for incorporators/directors
De Jure Corporation
Removed: Minimum Paid Up Capital and Subscription at Incorporation
De Facto Corporation By Legal Right to Existence
Minimum Capital Stock
Corporation by Estoppel

Close Corporation
By Extent of Ownership 1) Promotion Stage Gather subscribers, choose location, etc.
Open Corporation
Steps to Form a Corporation 2) Incorporation Stage Register to SEC
Parent Corporation
By Relation to Other Corporations 3) Organization and Commencement Stage Start operations
Subsidiary Corporation

Incorporators
Must be a director President
Shareholders
Must be a Resident Treasurer
Members
Must be Resident BOD (Stock) / BOT (Non-Stock) Corporate Officers Components of Corporations Corporators
Secretary Promoters
Must be Filipino Citizen
Subscribers
Other Officers in AOI
Underwriters