True or False: The Revised Corporation Code allows the formation of one-person corporations.

The statement that the Revised Corporation Code allows the formation of one-person corporations is true. The correct choice is that it allows for this type of corporation under specific provisions. The Revised Corporation Code of the Philippines introduced significant changes, including the recognition of one-person corporations, which can be formed by a single individual who can act as both the owner and the incorporator. This allows for greater flexibility in the formation of businesses, catering especially to entrepreneurs who wish to have full control over their operations while still enjoying the benefits of corporate status.

The provision under the Revised Corporation Code encourages entrepreneurship by enabling sole proprietors to convert their business into a corporation more easily, thereby enjoying limited liability and separate legal status without needing multiple stockholders. The law strikes a balance between encouraging individual initiative and regulating corporate governance, demonstrating a modern approach to business incorporation.