Practice question
Which statement expresses separate juridical personality?
- A corporation is identical to every shareholder
- A corporation is legally distinct from its shareholders
- A shareholder owns every corporate asset directly
- All related corporations are one entity
- Only corporations with foreign shareholders have personality
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463 — Republic Act No. 11232, sections 2 and 35
- https://lawphil.net/judjuris/juri2013/mar2013/gr_167530_2013.html — PNB v. Hydro Resources Contractors Corporation, G.R. Nos. 167530, 167561 and 167603, March 13, 2013, main opinion
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