TRIAL QUIZ FAR 3

TRUE OR FALSE

1. __F___ A corporation can be a general partner in a partnership

2. __F___ A corporation can be held liable for the personal indebtedness of a shareholder

3. __T___ All incorporators are subscribers but a subscriber need not be an incorporator.

4. ___F__ Each of the incorporators of a stock corporation must own or be a subscriber to at least two

(2) shares of the share capital of the corporation

5. _F____ Under the RCCP, at least 25% of the authorized share capital must be subscribed and at

least 25% of the total subscription must be paid upon subscription. In no case shall the paid-up

capital be less than P5,000

6. __T___ A corporation has continuity of existence which permits the business to continue regardless

of changes in ownership or the death of a shareholder

7. ___F__ A corporation is created by the agreement of the shareholders.

8. __T___ All incorporators (if they continue to be shareholders) are corporators of a corporation

9. __F___ Preference shares of stock may be issued with par or no-par value

10. __T___ Shareholders may be natural or juridical persons.

11. __F___ A corporation shall have a corporate term of 50 years unless its article of incorporation

states it as of perpetual existence.

12. __T___ Under the old corporation code, the minimum number of incorporators was five. Under the

RCCP, one person can form a corporation, the one-person corporation

13. __F__ In the articles of incorporation, the principal place of business must be a specific address

within the Philippines

14. __T___ The incorporators and the treasurer sign the article of incorporation.

15. _T____ A de jure corporation is a corporation existing in fact and in law.

16. __F___ Only natural persons can be incorporators.

17. __F___ The board of directors is responsible for the formulation and implementation of the

overall policies for the corporation.

18. __T___ No-par value shares have a minimum stated value of P5.00 per share

19. __T___ A corporation is an artificial being with a personality separate and apart from its individual

shareholders or members

20.__T___ Shareholders of a corporation elect the board of directors, who in turn appoint the top

officers of the corporation.

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