Nevada Corporation Sole - Good For Church, Good For You!
Corporation Soles - Why Even Churches Use Them
January 7, 2005
By Tom SeFack
The British Crown is a corporation sole. Archbishops
and churches are corporation sole. Would you like
to be on the same boat and enjoy the same legal benefits
they have? Maybe you shall consider incorporating
your own Nevada corporation sole.
Nevada's corporation soles are often being pointed
at as the ones having the advantage of the limited
availability of a corporation, yet without the regulation
or a number of offices of a corporation, allowing
the functioning of a perpetual trust for asset protection
purposes.
Corporation sole is a legal entity incorporated under the law of
the State of Nevada. It usually takes anywhere from one to 21 days
to process the incorporation in Nevada with the Secretary of State,
the same time it takes for most other kinds of corporations there.
Corporation Sole, if organized and operated as a religious organization,
is tax exempt and is not required to have a tax ID number (EIN)
with IRS. It is important to note here, that many corporation soles
today are for-profit businesses. As such, they are not automatically
tax exempt. Even churches are often not tax exempt in all their
activities. The eligibility for tax immunity has to be consulted
with your CPA or lawyer on a case-by-case basis.
There is a number of various scenarios that have to be considered
and taken care for appropriately, in order to create a bulletproof
system that enjoys all the benefits coming with corporation sole
status. Well written articles of incorporation and all other corporation
sole's basic documents are of an utmost necessity here.
Badly done paperwork and poor planning can destroy everything.
Only a specialist in corporation soles shall be commissioned to
do the incorporation for you where possible, otherwise there might
be some painful experiences waiting for you and your corporation
sole.
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