Let’s have a recap, from the previous discussion we are able to know and understand how the

corporation was formed and created. It was also defined as the artificial being created by the
operation of law. To which it is having the right of succession and the powers, attributes and
properties that are expressly authorized by law or incident to its existence. Also, they discussed
the advantages and disadvantages of corporation. Furthermore, they are classes of corporation
according to section 3 of the Revised code of corporation in the Philippines in short RCCP and it
is classified into two private corporations as follows it is the stock corporation and non-stock
corporation. There are also other classifications of corporation as mentioned from the previous
discussion, according to the number of persons which is classified as corporation aggregate
nakadepende sa kung iilan kadami ang mga tao na bumuo ng corporation and corporation sole
consist of only one member or corporator and his successors such as a bishop. According to
nationality: a corporation can be a domestic or foreign corporation. According to whether
publicly or private purpose: a corporation can be organized and formed by the government of
the state or it can be a private aim for the benefit or purpose. According to whether for
charitable purpose or not: a corporation can be an ecclesiastical it is organized and formed for
religious purpose it can also be established as eleemosynary corporation where it is formed for
public charity, also it can be organized as civil corporation where it is established for business
profit-oriented. According to legal right to corporate existence: a corporation is organized and
formed in a De jure corporation where it is formed in strictly conformity with law. And de facto
is a corporation that exist in fact but not in law. According to degree of public participation with
regard to share ownership: a corporation can be a close corporation where it is only limited to
selected members or persons but not exceeding 20 members. It can also be an open
corporation where every member or persons is free to join but hindi pa masyado dadami. And
for the publicly-held corporation having an listed on an exchange or with an assets in excess of
P 50,000,000 and also having a 200 or more holders with at least 200 of which holding at least
100 shares of a class of its equity securities. Lastly, according to relation to another corporation:
a corporation business can be a parent or holding corporation where it is related to another
corporation that has the power either directly or indirectly elect of the directors in a subsidiary
corporation. Also it can be a subsidiary corporation where it is controlled by the parent
corporation. From the previous discussion, they also defined and explain the components of a
corporation such as the corporators, incorporators, shareholders, members, subscribers,
promoter, underwriters, independent director and additional general power. Not only the
components of corporation was discussed but also the classes of shares which is the par value
and No-par value shares, preference shares, ordinary shares, treasury shares etc. The
corporation has articles of incorporation to be able to recognize by the SEC that the corporation
business was registered. And it has showed us the example of a prescribed form of the AOI Per
section 14 it includes the name of the corporation, the specific purpose as to which the
corporation was formed, the address, term of existence, the incorporators, trustees etc. We
also know the comparison between the updated RCCP and the old Corporation Code also
known as the BP 68. As well as the registration, incorporation and commencement of corporate
existence and non-use corporate charter and continuous in operation together with the by-laws
the rules of action that is adopted by the corporation to its internal government, officers,
members or shareholders. Under section 46. The minimum capital stock under section 13 of the
corporation code states that it should have at least 25% authorized of the capital stock and
must be subscribed. and at least 25% of the total of the subscription that must be paid back
upon the subscription. Also, the hierarchy of the corporate organizational structure whereas
the shareholders is at the top and will elect the top governing body the members of the board
of directors and will elect the officers and the officers will hire employees towards the
corporation business. They also mentioned and discussed the rights of shareholders and
corporate books and records to be able to keep the books and records at its principal office and
under section 73 provides that every corporation shall able to keep and carefully preserve at its
principal office all the information that is related to corporation including but it is limited to.
Lastly, we were able to know the definition of one person corporation also known as OPC
according to the RCCP it is a new added type of corporation where it is a single stockholder who
can be a natural person, a trust or an estate. (Sec 116). And one person may incorporate into
two or more OPCs. And that’s all for the recap of the considerations of accounting for
corporation.