Question

1. In 2021, XYZ Corporation, a domestic corporation engaged in manufacturing, decided to expand its operations by entering into a joint venture agreement with ABC Inc., a foreign corporation. The joint venture agreement was duly executed and registered with the appropriate government agencies. However, after a few months of operation, a dispute arose between XYZ Corporation and ABC Inc. regarding the allocation of profits. XYZ Corporation wants to dissolve the joint venture and obtain its rightful share of the profits. On the other hand, ABC Inc. insists on continuing the joint venture and claims that XYZ Corporation is not entitled to any share of the profits.

Based on the facts presented, discuss the following:

1. What is a juridical person and how is it created under Philippine law?
2. Can a joint venture agreement be considered a juridical person? Explain.
3. What are the grounds for the dissolution of a joint venture under Philippine law?
4. What remedies are available to XYZ Corporation to assert its rights and obtain its rightful share of the profits?