The Distinctive Nature of Family Corporations
If your family decides to put up a family corporation, normally you would choose a non-stock kind of corporation. Meaning, your assets that would be declared or included in the articles of incorporation will be the initial capital of the corporation. All the directors and the members are co-owners of the company. However, one thing must be clear, once the articles of incorporation have been approved, the assets declared in it now become a part of the corporation. The assets are now owned by the corporation that has its own identity and rights.
