Apr 292015
THE LAW defines a corporation as an artificial being created by operation of law having the rights, powers, attributes and properties expressly authorized by law or incident to its existence. The very law which gives its life also dictates its demise by giving it a maximum period of 50 years unless shortened or extended. The corporate term is required to be expressly indicated in the corporation’s Articles of Incorporation (AOI) and may be shorter but may not be more than 50 years at any given time. It may, however, be extended several times.