The witnesses in Europe get to hear the story, that "INC" ( in WACHTOWER .... INC "stands for corporated association and not for a company based on stocks. In French it would be called SA, societé anonyme, what means "Inc" on stocks.
Does anybody have the ability to explain the whole situation.
Thanks from the Grand Duchy of Luxemburg.
is WTS a company or an association?
by Klaus Vollmer 3 Replies latest watchtower scandals
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Klaus Vollmer
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Flip
Hello Luxembourg and Hello Klaus!
Inc., as you probably already know, is simply the North American abbreviated form of the liability designation, Incorporated. The Canadian equivalent is, Ltd. (Limited).
A Company with the designation, Inc., can be either publicly owned (shares sold on the open stock market i.e. NASDAQ, New York Stock Exchange) or privately owned (shares not sold on the broader open market) where shares are designated and controlled internally.
In North America, it’s my understanding that the WTBTS Inc. or Ltd. and most of its affiliate companies are the latter.
A few of the compelling reasons for a corporation (Inc.) that’s confident raising their own monies independently rather than through the 'stock market', is that the corporation is not required to publicly divulge it’s financial resources, much greater autonomy and less accountability.
This is a huge monetary advantage, especially over time when coupled with a government sanctioned tax-free status such as the WTBTS enjoys along with almost every other religious organization originating in North America.
However, the question is, are we, as a community that has sanctioned this tax-free status, getting our money’s worth for the privilege given?
Hope this simple explanation suffices, and that others have more to add.
Flip
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MadApostate
KV:
The Watchtower Empire has established numerous legal entities around the world. While likely similar, I suspect that "corporations" and "associations" may have some legal differences from country to country.
To the best of my knowledge, all U.S. WTS/JW entities are currently "non-profit corporations". As such, they do not issue shares of stock, thus do not have shareholders. Rather, the corporate charters provide for "members", who each have one vote. The WTS's Charters provide for a specified quantity of members who are chosen/removed by the particular Board of Directors. The Charters also specify the responsibilities, duties, and liabilities (if any) of such members.
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Jim Dee
When Russell ran WTBS it was a study group
When Rutherford ran it it was a "freedom of speech and dam everyone else" group
When Knorr ran it it became a US Corporation with Mormon Overtones (No facial Hair, sex is bad, masterbate and you will die)
The successors have lost direction and vision, now its just a money making machine - tax freeJim