TRUE FALSE

1. The consent of the incorporators is necessary for the creation of a corporation.

2. Because a corporation is a creation of the law, the State's consent is necessary for a corporation to come into being.

3. Because a corporation is an artificial being that has a separate existence from those who compose it, the corporation can incur legal liabilities and obligations on its own.

4. The doctrine of corporate fiction is at all times upheld in the absence of proof that it is used for the furtherance of fraud and unlawful acts.

5. Even in the absence of state authority, a corporation may be issued a certificate of incorporation.

6.

Under the doctrine of lifting the veil of corporate fiction, the corporation and those who are composing it will be treated as identical to enforce liabilities and obligations

7. As a rule, all private corporations must be created consistent with the provisions of a general corporation law

8. Corporations created by special laws are governed primarily by the Revised Corporation Code

9. The existence of a corporation is dependent on the occurrence of death, insolvency and incapacity of its members or stockholders.

10. As a rule corporation can exercise only the express powers granted to it by laws

11. As soon as the Articles of Incorporation of a corporation is prepared, the corporation may be conferred with corporate powers.

12. As a rule, the stockholders or members of a corporation participate in the management of its affairs.

13. Like a partnership, the directors, trustees and corporate officers of a corporation may be made liable to pay corporate obligations.

14. The stockholders of a corporation are treated like limited partners in a limited partnership.

15. Unlike in a partnership, the transfer of interest in a corporation could be done at any time by a stockholder without soliciting the consent of other stockholders.

16. As a rule, non-stock corporations are prohibited by law to earn profits from their operations.

17. All corporations where the majority of stockholdings belong to Filipinos are considered domestic corporations. 18. A de jure corporation despite compliance with legal requirements for its existence could still run the risk of becoming a de facto corporation.

19. In close corporations there is no need to elect directors.

20. The directors of a subsidiary corporation may be elected by other corporations.

21. All incorporators are corporators but not all corporators are incorporators.

22. Members are incorporators of corporations without capital stock.

23. Subscription to the stocks of a corporation is evidenced only by the issuance of a certificates of stock.

24. The capital stock of a corporation represents the equity of the stockholders in the assets of the corporation. 25. The subscribed capital stock of a corporation must be paid up prior to incorporation