What makes a corporation legal in the Philippines?

A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence. Section 3. Corporations may be public or private.

Which is the correct definition of corporate law?

Corporate law. “Business form” redirects here. For types of business entities, see List of legal entity types by country. more… Corporate law (also known as business law or enterprise law or sometimes company law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses.

When to use business law as a substitute for corporate law?

When used as a substitute for corporate law, business law means the law relating to the business corporation (or business enterprises), including such activity as raising capital, company formation, and registration with the government. Academics identify four legal characteristics universal to business enterprises.

What happens if there is no buy and sell agreement?

There is no legal requirement for other shareholders to either buy stock or declare dividends, so the deceased shareholder’s family finds themselves owning worthless stock though the company may still be generating income. Death or disability, absent a good buy and sell agreement, can make owning a valuable company of almost no value.

What are the different types of sale of a corporation?

A sale of corporation can take many forms, including asset sales and stock sales. The type of sale will depend on your goal. With an asset sale, for instance, you are selling everything that your business owns. During a stock sale, you are only selling the shares of your company.

What kind of corporate law does the United States have?

The New York Stock Exchange is the major center for listing and trading shares in United States. Most corporations are, however, incorporated under the influential Delaware General Corporation Law. United States corporate law regulates the governance, finance and power of corporations in US law.

What happens to a corporation when it is sold?

When a corporation is sold through a stock sale, buyers do not have the ability to step up their basis in the company’s assets, meaning they cannot lower their taxes by re-depreciating assets. The asset’s basis at the time the sale occurs will determine the depreciation.

What are the rights of shareholders in a corporation?

Generally state laws give the right for shareholders to vote on decision by the corporation to sell off “all or substantially all assets” of the corporation. However fewer states give rights to shareholder to veto political contributions made by the board, unless this is in the articles of incorporation.