Which of the following does not possess juridical personality as a corporation?

Prepare for your Partnership and Corporation Exam with engaging flashcards and multiple-choice questions. Each question comes with hints and detailed explanations. Boost your confidence and ace the exam!

A corporation is recognized as a legal entity with rights and obligations separate from its owners. To determine which of the options does not possess this juridical personality, it’s essential to understand the nature of the different types of corporations listed.

A crown corporation is a government-owned entity that operates as a separate legal entity. It possesses juridical personality and can engage in contracts, sue, and be sued in its own name.

A de facto corporation arises when there is a corporation that has not been properly incorporated but is functioning as one. It holds some degree of legal recognition and is treated similarly to a corporation under certain conditions, so it retains juridical personality.

A bona fide corporation refers to a legitimate and lawfully established corporation that operates within the parameters of the legal system. It clearly possesses juridical personality because it meets the requirements of being a legally created entity.

An ostensible corporation, however, is an entity that appears to be a corporation to the public but lacks the legal status of a corporation due to improper formation or failure to comply with statutory requirements. This lack of proper creation means it does not possess the juridical personality associated with corporations and can lead to complications if attempts are made to enforce rights or obligations as if it were a recognized legal entity.

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