Topic: Introduction to Corporation True or False 1. A corporation can be a general partner in a partnership. 2. The board of directors shall exercise the corporate powers of a corporation. 3. A public corporation is one formed for the government of a portion of the state. 4. All incorporators are subscribers, but a subscriber need not be an incorporator. 5. A partnership can be a corporator in a corporation. 6. A corporation can come into existence by mere agreement of the partnership as in the case of partnerships. 7. A corporation can be held liable for personal indebtedness of a shareholder. 8. Shareholders may be natural or juridical persons. 9. The board of
Topic: Introduction to Corporation
True or False
1. A corporation can be a general partner in a partnership.
2. The board of directors shall exercise the corporate powers of a corporation.
3. A public corporation is one formed for the government of a portion of the state.
4. All incorporators are subscribers, but a subscriber need not be an incorporator.
5. A partnership can be a corporator in a corporation.
6. A corporation can come into existence by mere agreement of the partnership as in the case of
partnerships.
7. A corporation can be held liable for personal indebtedness of a shareholder.
8. Shareholders may be natural or juridical persons.
9. The board of directors is responsible for the formulation and implementation of the overall
policies for the corporation.
10. Eleemosynary corporations are those organized for public charity.
11. A corporation is an artificial being with personality separate and apart from its individual
shareholders or members.
12. A corporation has continuity of existence which permits the business to continue regardless of
changes in ownership or the death of a shareholder.
13. Only natural persons can be incorporators.
14. Any individual shareholder in a corporation may personally be held liable for all debts incurred
by the corporation.
15. Non-sock corporations may be formed or organized for charitable, religious, educational,
professional, cultural, recreational, fraternal, literary, scientific, social, civic service, or similar purposes.
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