S.A 2020/21 B.E COMMERCIAL LAW | Question #16

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 SUGGESTED ANSWERS TO THE2020/21 BAR EXAMINATIONS INCOMMERCIAL LAW | Question No. 16 



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A single parent started a plant-based/vegan meal delivery service during the COVID- 19 pandemic using only the resources available in the kitchen and in a nearby market.

After just six months, the single parent needed to expand by hiring cooks, kitchen staff, and finance and administrative personnel. A bank told the single parent that it was ready to fund the small business but that the parent needed to be registered with the government regulatory agencies.

Friends advised the single parent that registering as a single proprietorship would make their personal assets vulnerable in case the business takes a downturn. The single parent now comes to you for legal advice, wanting to have the limited liability of a corporation but is unwilling to take in partners in the business that would stifle their culinary creativity.

Under the Revised Corporation Code, is it legally possible for the single parent to register asna corporation with only the single parent as stockholder? Explain briefly.

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SUGGESTED ANSWER: 


Yes, a single parent may register as a corporation with only himself/herself as stockholder. The Revised Corporation Code eliminated the minimum number of incorporators for corporations (Section 10). It also allows natural persons, trust and estate to organize a corporation with a single stockholder (Section 116). The law makes no distinction as to the civil status of natural persons who can organize a one person corporation. 


Code: S.A 2020/21 B.E COMMERCIAL  LAW | Question #16


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