This article examines the problem of determining the legal status of a corporation and its participant in disputes challenging extraordinary transactions through the lens of the relationship between their legal capacity and their participant. It is argued that erroneous characterization of the “corporation-participant” relationship leads to the substitution of the participant's legal capacity for the competence derived from the legal capacity of a legal entity, giving rise to a complex set of procedural conflicts. As a methodological solution, it is proposed to consider a corporation's participant's claim to challenge its extraordinary transaction as a consequence of the exercise of its own legal capacity as a subject of the disputed substantive legal relationship.