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Philippine Corporate Law Basics

A corporation is an artificial legal entity created by law that has rights of succession and powers defined by law. Co-ownership exists when multiple people have undivided ownership of a thing or right. Partnership is a contract where two or more people contribute assets to a common fund with the intent to share any profits among themselves, and multiple people can form a partnership to jointly practice a profession.

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37 views1 page

Philippine Corporate Law Basics

A corporation is an artificial legal entity created by law that has rights of succession and powers defined by law. Co-ownership exists when multiple people have undivided ownership of a thing or right. Partnership is a contract where two or more people contribute assets to a common fund with the intent to share any profits among themselves, and multiple people can form a partnership to jointly practice a profession.

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BP 68 The Corporation Code of the Philippines

Section 2. Corporation defined. – 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.

Article 484. There is co-ownership whenever the ownership of an undivided thing or right belongs to
different persons.

In default of contracts, or of special provisions, co-ownership shall be governed by the provisions of this
Title.
Article 1767. By the contract of partnership two or more persons bind themselves to contribute money,
property, or industry to a common fund, with the intention of dividing the profits among themselves.
Two or more persons may also form a partnership for the exercise of a profession.

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