ONE of the important features of a corporation is its having a legal personality, which is separate and distinct from its owners or stockholders. This springs from the very essence of a corporation as 'an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incidental to its existence' (Revised Corporation Code, section 2).

As a consequence of this separate juridical personality, the corporation's assets and properties are not considered owned by its stockholders. The corporation cannot be held liable for the obligations of its shareholders or members, or those of its officers, and neither can shareholders be held liable for the obligations of the corporation.