True or False: Corporations must have a minimum capital stock as mandated by law.

The statement that corporations must have a minimum capital stock as mandated by law is false because, under the Revised Corporation Code, the minimum capital requirement was eliminated for most types of corporations. This change allows businesses to operate without a mandated minimum capital stock, making it easier to start and maintain a corporation.

In the past, certain corporations required a minimum capital requirement. However, the current law promotes flexibility and encourages entrepreneurship by removing this barrier. It is important to note that while there are specific types of corporations, such as those in certain regulated industries or with special requirements, that might have minimum capital requirements, the overarching rule for general corporations does not mandate a minimum capital stock.

Thus, the correct choice reflects the updated legislative framework that supports a more accessible corporate formation process.