help me to discuss the steps in the creation of a corporation

STEPS IN THE CREATION OF A CORPORATION There are three steps in the creation and organization of a corporation, namely: 1. Promotion. It is the process of bringing together the incorporators or the persons interested in the business, of procuring subscriptions or capital for the corporation and of setting in motion the machinery that leads to the incorporation of the corporation itself. C. 2. Incorporation. This step includes the following: a. Verification from the records of the Securities and Exchange Commission (SEC) that the proposed corporate name is not the same or similar to an existing corporation. The corporate name shall contain the word "Corporation" or "Incorporated," or the abbreviations "Corp." or "Inc.," respectively. The corporate name of a foundation shall use the word "Foundation." A term that describes the business of a corporation in its name should refer to its primary purpose (SEC Memorandum Circular 5, Series of 2008). b. Drafting and execution of the articles of incorporation (AI) by the incorporators. The person elected as temporary treasurer should execute an affidavit regarding the share capital subscribed and paid up. The treasurer should also submit a sworn statement of assets and liabilities of the corporation. Deposit by the treasurer of the cash paid for the shares subscribed in the bank in the name of the treasurer in trust for and to the credit of the corporation. The bank is required to issue a certificate of deposit. d. Filing of the articles of incorporation with the SEC together with treasurer's affidavit, statement of financial position, certificate of bank deposit, and certificate as to the name of the corporation; Payment of the filing fees: for the Al, equivalent to 1/5 of 1% of the authorized capital stock of the proposed corporation but not less than P1,000; for the by-laws, P510; for SEC Form F-100, P2,000; and a legal research fee which is 1% of the filing fee for the Al; f. Endorsement from other government agencies if the proposed corporation will engage in an industry regulated by the government, other requirements for corporations with foreign equity and additional requirements based on the kind of payment of subscriptions; and g. Issuance by the SEC of the certificate of incorporation. e. Formal 3. Formal organization and commencement of business operations. organization requires the adoption of by-laws and the election of the board of directors and of the administrative officers. It also includes the taking of such other steps as are necessary to enable the corporation to transact the legitimate business or accomplish the purpose for which it was created