Task 1: Classes of Corporation: Definition and Example
1. Foreign Corporation- is one organized and incorporated under foreign laws.
Example- Nestlé Philippines 2. Domestic Corporation- is organized and incorporated under Philippine laws. Example- Ayala Corporation 3. Public Corporation- is one whose shares of stock are traded in public markets. Example- Jollibee Foods Corporation 4. Private Corporation- is one whose shares are not traded publicly and organized by private individuals for private purpose, aim or benefit. Example- CyBERTH Philippines Inc. 5. Quasi–Public Corporation – is a public corporation that has accepted a grant from the state or a franchise to perform public duties. Example- Manila Electric Company (Meralco) 6. Stock Corporation– is one whose ownership is divided into units called shares of capital stock. Example- LT Group Inc. 7. Non-stock Corporation–is one that is not organized for profit. Example- Habitat for Humanity Philippines 8. Religious Corporation- is one organized for religious purposes primarily compose of spiritual persons. Example- Philippine Benevolent Missionaries Association 9. Lay corporation – is one organized for non-religious purposes. Example- Aeons Trading 10. Open Corporation (Listed or Not Listed)- is one that is offered to public investor. Example- 2Go Group, Inc. 11. Close Corporation- is one whose shares are limited to few persons and its shares are not available for purchase by the public. Example- Energitech Industrial Corp, 12. Corporation Sole – consists of only one corporator. Example- Iglesia ni Cristo 13. One Person Corporation – operated and organized by a one stockholder, who can only be a natural person, trust or estate. Example- Smart Transportation and Solution 14. Corporation Aggregate- consist of more than one corporator Example- Concrete Aggregates Corporation 15. Civil Corporation- one that is established for business or profit. Example- San Miguel Corporation 16. Eleemosynary Corporation –one that is established for charity. Example- The Children’s Joy Foundation, Inc. 17. De jure Corporation- is one that exists in fact and law Example- JG Summit Holdings, Inc. 18. De facto Corporation –is one that exists and not in law. Example- Far Eastern Lumber and Commercial Co.