Anybody know? Does it get divided amongst officers? Do they have shareholders? Where would their money go?
If the Watchtower Corporations shut down...who gets their assets?
by LovesDubs 16 Replies latest watchtower scandals
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journey-on
Now, THAT is a brilliant question. Hope someone knows the answer because that will shed light on a lot of things.
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jstalin
A non-profit corporation in the US is required to have provisions in its bylaws and/or articles of incorporation that ensure that all assets are distributed to other non-profit corporations upon dissolution.
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blondie
Nonprofit corporations do not have shareholders.
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LovesDubs
$951 million in revenues in 2001....not for profit??? So who are those "other nonprofits" supposedly getting their assets if they dont believe in giving charity to ANYBODY?
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nicolaou
Duh! God gets the lot.
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blondie
nonprofit corporation
A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help.When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under ยง 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors. -
shamus100
Satan gets it.
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SirNose586
I see...so no one would be able to "take the money and run," eh? Well, not without a bit of planning, no?
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Scully
Oh I'm sure the IRS won't leave enough to quibble over once 100 years' worth of tax evasion and related interest and penalties are calculated.