Choose a letter that represents the answer.

A B C D

Statement A TRUE TRUE FALSE FALSE

Statement B TRUE FALSE TRUE TRUE

Chapter 5 Formation and Organization of a Corporation 10. A. 11. A. __15. A. PF\"? . A corporation that h A collJoration can have more than 15 shareholders after the date of incorporation. Forelgn corporations operating in the Philippines must be registered with SEC. n eleemosynary corporation is a nonprofit corporation which is formed with Laigbjectwe of particupatihg within social work and contributing to charitable es. Corporate existence begins only from the moment a certificate of incorporation is issued by SEC. An incorporator of a stock corporation must be an owner or a subscriber to at least one share of stock. The unpaid balance of the total subscription must be paid on a date or dates fixed in the subscription contract without the need of call. or in the absence of a xed date or dates, upon call for payment by the board of directors. Though the parent and the subsidiary corporation are two different entities, they do not necessarily have to operate in the same location, or operate the same type of businesses. Ecclesiastical corporation is also known as religious corporation as it is incorporated for the purpose of establishing any church organization in order to teach and spread their religious beliefs and principles. The articles of incorporation shall be led with the Securities and Exchange Commission to legally document the creation of a corporation. A civil corporation is also known as quasi-corporation, as not completed the legal steps for it to become incorporated is a dejure corporation. A corporation that has been suspended or dissolved but continues to function is considered a de facto corporation. Double taxation is an advantage of the corporate form of business organization. The limited liability aspect of a corporation is considered as one of its disadvantages. Shares of stocks are not transferable as they are not considered a of the corporation. SEC does not require the no statements. 5 assets n-stock corporations to submit their annual financial