Question

Mr. Garcia, a successful entrepreneur, wants to establish a new business venture and is considering forming a juridical person. He seeks your legal advice regarding the creation and characteristics of a juridical person under Philippine law.

Based on the Civil Code provisions on juridical persons (arts. 44-47), answer the following questions:

1. Explain the concept of a juridical person and its significance in the realm of business organizations in the Philippines.
2. Mrs. Santos, a foreign investor, wants to invest in Mr. Garcia's business venture. Can Mrs. Santos become a member of the juridical person? Discuss the requirements and limitations for foreign individuals to become members of a juridical person in the Philippines.
3. Enumerate and briefly explain the rights and liabilities of a juridical person in relation to its shareholders or members.
4. Mr. Garcia is concerned about the dissolution of the juridical person in the event of certain circumstances. Discuss the grounds and procedures for the dissolution of a juridical person under Philippine law.