Quiz 2 in Legal Aspects

Corporators are the total number of persons who compose the corporation after its formation which include the incorporators, the stockholders, &/or members.

• True

• False

This is the principle in Partnership wherein a person has the right to choose the person or persons he wants to become his partners.

• Succession

• Delectus personae

• Comity

• Limited liability

ABC hotel, a duly registered Hotel in Matabungkay Batangas and has a 30% authorized capital stock and has been profiting for 5 years already is considered as a non-stock corporation.

• True

• False

It is an artificial being created by operation of law, having the right of succession & the powers, attributes & properties expressly authorized by law or incident to its existence.

• Partnership

• Business

• Corporation

• Sole Proprietorship

A sole corporation is a family owned and managed corporation.

• True

• False

A family owned resort business duly registered with the Securities and Exchange Commission is a corporation sole.

• True

• False

Corporation has no right of succession.

• True

• False

JJJ Food Corporation is an artificial being.

• True

• False

What is the nature of partnership?

• Consensual

• Mutual

• Fiduciary

• Symbiotic

The composition of a partnership

• 5 to 15 persons

• 2 or more persons

• 2 to 5 persons

• 5 persons only