3. A corporation cannot be * 1 point established by mere agreement of parties O has the rights, powers, and attributes 0 created by operation of law 0 artificial being O has right of succession 4. A corporation can exercise * 1 point other powers aside from those powers granted by law or incidental to its existence. 5. Creditors of a corporation * 1 point cannot claim the personal assets of a rich shareholder. 6. A corporation has 50 years of * 1 point existence subject to renewal. 7. Both partnership and * 1 point corporation are composed of aggregate of individuals. 1. It gives the corporation all the rights and responsibilities of a person except those which can be exercised only by natural persons 0 created by operation of law 0 separate legal personality 0 artificial being right of succession 2. Corporations which are formed for governmental purposes 0 private corporations 0 quasi-public corporations 0 domestic corporations 0 public corporations * 1 point * 1 point