It never dawned on me until now. Who is the legal representative of both the above parties? Also, can someone post the definitions of what both organisations do?
Kind regards
RAB
FAJW
Who owns the Watch Tower Society & the Watchtower Bible & Tract Society
by God_Delusion 8 Replies latest watchtower beliefs
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God_Delusion
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blondie
Actually, there are several non-profit corporations not owned by any individual or group.
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God_Delusion
Fair enough.
Does anyone think that a few people have gotten quite rich out of the organisations (JW) that exist?
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cantleave
Does that mean it can never be dissolved, and if it can be dissolved what happens to to assets?
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blondie
cantleave, every corporation associated with the group would have to be dissolved, otherwise the assets, transfer to another corporation in the group. The WTS is governed by the laws for non-profit corporations set up by the IRS in the US. Even if all were dissolved, the law does not allow the assets to be "owned" by an individual or group of individuals.
http://www.ehow.com/video_4981813_what-nonprofit-corporation.html
Summary: Nonprofit corporations are businesses that don't allow ownership and do not have an appreciation of stock or dividend distribution. Discover the differences between a for profit corporation and nonprofit corporation with insight from a lawyer in this free video on business law.
I'm sure some jws have made money in association with doing business with the WTS. I know of travel businesses, construction, insurance.
But then many jws make money at the expense of other jws in their congregation, hiring jws, etc. Not always doing business fairly. But as to dipping directly into the monies paid to these corporations, no.
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cantleave
Thanks for your answer Blondie.
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jonathan dough
every corporation associated with the group would have to be dissolved, otherwise the assets, transfer to another corporation in the group. The WTS is governed by the laws for non-profit corporations set up by the IRS in the US. Even if all were dissolved, the law does not allow the assets to be "owned" by an individual or group of individuals.
So who would own or control the assets if all were dissolved? Could they be transferred to non-US corporate entities? Could they be transferred to non-US entities (profit or non-profit) prior to dissolution?
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blondie
DURATION
Nonprofits are not actually owned by anyone and therefore cannot be sold. If the directors of a nonprofit corporation decide to dissolve it, they must pay off all debts and obligations of the nonprofit and distribute all of its assets to another tax-exempt nonprofit corporation.
LIABILITY
Forming a nonprofit corporation generally protects the directors, officers and members of the nonprofit from personal liability for the corporation's debts and other obligations. Only the assets of the corporation may be used to pay off debts and other liabilities. This protection from having personal assets available to pay off debts or judgments is called "limited liability".
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It may be that this will be the state authority (attorney general) in which the corporation was formed that the assets are transferred to if there are no longer any WTS corporations left at all.
Remember that dissolution is at the discretion of the parent non-profit organization unless they have committed some breach of the non-profit laws. The IRS then will dissolve the corporation at that point.
I am not a lawyer, but this is what I have researched and confirmed with lawyers I know. If you have time to check, feel free.
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jonathan dough
Thanks. From what I can tell it would then be the state who would control the assets. Depending on the state. I'm not sure about that and you're right, I would have to research that more.
The related question was regarding the potential transfer to non-US corporate or other legal entities. Could they be transferred to non-US entities (WBTS profit or non-profit) prior to dissolution? I'm imagining ways in which the WTS could circumvent US non-profit laws. Non-profits conveying US interests to a for-profit Uganandan WTBTS legal entity.