Corporation

Stock Corporation

A corp. which have share capital divided into shares and are authorized to distribute to the holders of such shares dividends or allotments of the surplus profits on the basis of the shares held.

True

A corporation or a partnership can be a corporator, but cannot be an incorporator.

True

A partnership can be a corporator in a corporation but a corporation cannot be a general partner in a partnership

Voting shares

Issued with the right to vote

Non-voting shares

Issued without the right to vote

Liquidation

It is the winding up of the business

Corporation

Its 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.

Par value shares

Minimum issue price of the shares

Non-stock Corporation

One where no part of its income is distributable as dividends to its members, trustees or officers.

No-par value

One without any value appearing on the face of the certificate of stock

Incorporators

Shareholders or members mentioned in the articles of incorporation as originally forming and composing the corporation and are signatories to said articles of incorporation.

Ordinary shares

Shares entitle the holder yo an equal pro-rata division of profits without any preference

True

Shares issued wothout par value are deemed fully paid

Corporators

Those who compose a corporation whether as shareholders or members, at any time.