b. Promoters

Definition and Classification of Corporations

Under the Revised Corporation Code of the Philippines, a corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incidental to its existence¹².

Corporations formed or organized under the Code may be stock or nonstock corporations¹³. Stock corporations are those which have capital stock divided into shares and are authorized to distribute to the holders of such shares, dividends, or allotments of the surplus profits on the basis of the shares held³. All other corporations are classified as nonstock corporations³.