The Revised Corporation Code of the Philippines or RA No.

11232
Section 2. Definition.

Section 11. Perpetual existence unless stated in the articles of incorporation.

Section 86. Nonstock corporations’ income cannot be distributed as dividends.

CHARACTERISTICS OF A CORPORATION

1. Separate legal entity

2. Created by operation of law
3. Continuing lifespan or perpetual existence
4. Powers, attributes, and properties authorized by law
5. Transferability of ownership
6. Limited liability

CORPORATIONS FORMED AND ORGANIZED UNDER THE NEW CORPORATION CODE

1. Stock corporations – stockholders or shareholders

2. Non-stock corporations – members

OTHER CLASSIFICATIONS OF CORPORATIONS

1. As for religious purpose or not

a. Ecclesiastical corporation
b. Lay corporation (Eleemosynary corporation, Civil corporation)
2. As to law of creation
a. Domestic corporation
b. Foreign corporation
3. Open to the public or not
a. Close corporation
b. Open corporation
4. As to their legal right to corporate existence
a. De jure corporation
b. De facto corporation
5. As to their relation to another corporation
a. Parent or holding corporation
b. Subsidiary corporation
6. As to purpose
a. Public corporation
b. Private corporation (Stock corporation. Non-stock corporation, and Quasi-public
corporations)
7. One Person Corporation
COMPONENTS OF A CORPORATION

1. Corporators
2. Incorporators
3. Stockholders or shareholders
4. Members

PERSONS WHO PLAY IMPORTANT ROLES IN THE FORMATION AND ORGANIZATION OF A CORPORATION

1. Promoters
2. Subscribers
3. Underwriters