Practice question
Is a private corporation automatically the same legal person as its sole shareholder for merger of a corporate debt?
- Yes; one shareholder always erases corporate identity.
- No; separate juridical personality must be respected absent another legal basis.
- Only the company logo determines identity.
- Every corporation is a natural person’s nickname.
- No corporation can ever owe a debt.
Legal references
- Civil Code Articles748,1236-1237,1270-1299 and1302: https://lawphil.net/statutes/repacts/ra1949/ra_386_1949.html
- RA11232 Section2, separate corporate entity: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
Answer this question in flashcards to review your response and continue practicing.