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Do you want to establish your own business but you want other persons to join you in your business venture? If this is what you perceive to do, then we advice you to form a corporation. A corporation is an artificial being created by operation of law having the right of succession and whose powers, attributes and properties expressly authorized by law or incident to its existence. It is composed of at least 5 persons who will be known as the incorporators.
For financial reasons and practicality, forming a corporation will definitely be very advantageous most specially when you want to engage in a feasible business venture but you lack the appropriate capital to establish it by yourself. In a corporation, you, together with other business partners will be joining your resources for the purpose of pursuing the business venture. Aside from this, one of the major advantages of a corporation will be its right to continuous existence or the right of succession. This means that even if all the original personalities that establish it are no longer part of the business venture or are already separated therefrom, the corporation will continue to exist so long as it still has the attributes as required by law.
Likewise, a very important attribute of a corporation is that it has a separate and distinct personality from those persons who compose it. Now what does this mean? The answer is simple. Since a corporation is an artificial being merely created by operation of law, it is considered as to having a personality different and unconnected with the persons making up the corporation. The rights, properties and attributes of the corporation are not the rights, properties and attributes of the stockholders or members and vice versa. Although they are intertwined, they are in the eyes of the law, separate and distinct from each other.
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