Corporation Sole Nevada - Recognizing The Soul Purpose of The
Corporation
November 13, 2004
By Katherine Curtis
Technically a corporation sole Nevada-style
maintains the title of a corporation. The sole purpose
of filing under this entity is identifying the corporation
as a nonprofit, religious or charitable organization.
While most corporation soles in Nevada
are non-profit churches, some corporation soles can
be for profit.
Glory Be! The Taxes Are Exempt!
Not all corporation sole in Nevada or in other states are entirely
tax-exempt. Depending on the corporation sole's objectives, some
activities are taxable. Even in the Silver State where tax exemptions
abound, some corporation sole activities are subject to reporting
and taxation. However, all nonprofit religious in Nevada and throughout
the United States have an alienable right to tax exemptions.
Gift Giving Is Only For The Needy.
Charity and donations are a large part of a corporation sole's activities.
Corporation soles are not able to donate property, cash or titles
to personal members or relation. These types of transactions are
considered taxable and fall outside of gifts. Even when a member
uses the corporation sole's properties such as cars or boats, this
must be noted. Just as a corporation is considered separate and
cannot be passed along, neither can a corporation sole be willed
to a successor. Instead, the corporation sole can maintain property
as long as the corporation sole is in operation.
Who Has Jurisdiction?
Corporation sole must still follow the jurisdiction of the state,
no matter which state it resides. However, most states prefer not
to interfere in matters concerning religious structures. In Nevada,
a corporation sole begins formation with the office of the Secretary
of State. Thereafter, the article for incorporation is submitted,
followed by a series of forms and deed. Most forms cover the corporation
sole's duties and resident agent. Corporation sole in Nevada is
not required to file an annual list of officers.
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