a foreign corporation is one formed organized or existing under any laws other

A foreign corporation is one formed organized or

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a foreign corporation is one formed, organized or existing under any laws other than those of the Philippines and whose laws allow Filipino citizens and corporations to do business in its own country or state . It shall have the right to do business in its own country or state. It shall have the right to transact business in the Philippines after it shall have obtained a license to transact business in this country in accordance with this Code and a certificate of authority from the appropriate government authority. (BP Blg. 68) CLASSES OF CORPORATION AS TO PLACE OF INCORPORATION
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Municipal Corporation local government units (LGU) Religious Corporation Section 109. Classes of religious corporations . - Religious corporations may be incorporated by one or more persons. Such corporations may be classified into corporations sole and religious societies . (BP Blg. 68) Educational Corporation for educational purposes; Educational corporations shall be governed by special laws and by the general provisions of this Code (Sec 106, BP Blg. 68) Charitable, Scientific or Vocational Corporation - one established for charitable, scientific or vocational purposes Business Corporation - one established for business purposes CLASSES OF CORPORATION AS TO PURPOSE OF INCORPORATION
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Aggregate Corporation - incorporated by more than one person Corporation Sole - is one formed for the purpose of administering and managing, as trustee, the affairs, property and temporalities of any religious denomination, sect, or church, by the chief archbishop, bishop, priest, rabbi, or other presiding elder of such religious denomination, sect or church (Secs. 110 to 115; Roman Catholic Apostolic Administrator of Davao, Inc. v. LRC and the Register of Deeds of Davao City , 102 Phil. 596 [1957]). CLASSES OF CORPORATION AS TO NUMBER OF MEMBERS
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De Jure Corporation a corporation duly registered with the SEC complying with all the requirements De Facto Corporation - a corporation with some flaw in its incorporation (Sec. 20, BP Blg 68) Corporation by Estoppel - a status acquired by persons who assume to act as a corporation knowing it to be without authority (Sec. 21, BP Blg 68) CLASSES OF CORPORATION AS TO LEGAL STATUS
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Stock Corporation - Corporations which have capital stock divided into shares and are authorized to distribute to the holders of such shares dividends or allotments of the surplus profits on the basis of the shares held are stock corporations. (Sec. 3, BP Blg 68) Non-Stock Corporation All others which are not stock corporations. (Sec. 3, BP Blg 68) Corporators in a stock corporation are called stockholders or shareholders . Corporators in a non-stock corporation are called members . CLASSES OF CORPORATION AS TO EXISTENCE OF SHARES
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  • Fall '19
  • Gilbert R. Huafana

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