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CorpSole HandOut

CorpSole HandOut

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Published by: wealth2520 on Aug 16, 2008
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01/28/2015

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Page 1
 
UNITED STATESSTATUTES AT LARGE
CONTAINING THE
LAWS AND CONCURRENT RESOLUTIONSENACTED DURING THE SECOND SESSION OF THENINETY-SEVENTH CONGRESSOF THE UNITED STATES OF AMERICA
1982
AND
PROCLAMATIONS_______
V
OLUME
96 .
IN TWO PARTS_______
P
ART
1
PUBLIC LAWS 97-146 THROUGH 97-301
UNITED STATESGOVERNMENT PRINTING OFFICEWASHINGTON : 1984
 
Page 2
 
PUBLIC LAW 97-280--0CT. 4, 1982 96 STAT. 1211
Public Law 97-28097th Congress
 
Joint Resolution
Oct 4, 1982
Authorizing and requesting the President to proclaim 1983 as the "Year of the Bible".
[S.J. Res. 165]
Whereas the Bible, the word of God has made a unique contributionin shaping the United States as a distinctive and blessed nationand people;
Whereas deeply held religious convictions springing from the HolyScriptures led to the early settlement of our Nation;
Whereas Biblical teachings Inspired concepts of civil governmentthat are contained in our Declaration of Independence and theConstitution of the United States;Whereas many of our great national leaders--among them PresidentsWashington, Jackson, Lincoln, and Wilson--paid tribute to thesurpassing influence of the Bible in our country’s development, asin the words of President Jackson that the Bible is ’’the rock onwhich our Republic rests";Whereas the history of our nation clearly illustrates the value of voluntarily applying the teachings of the scriptures in the lives of individuals, families, and societies;Whereas this Nation now faces great challenges that will test thisNation as it has never been tested before; and Whereas thatrenewing our knowledge of and faith in God through HolyScripture can strengthen us as a nation and a people: Now,therefore, be it
 Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,
That the President is Yearof the authorized and requested to designate 1983 as a national ’’Yearof the Bible" in recognition of both the formative influence the Biblehas been for our Nation, and our national need to study and applythe teachings of the Holy Scriptures.
 
Year of theBible.
Approved October 4, 1982.
 
LEGISLATIVE HISTORY -- S.J. Res. 165:CONGRESSIONAL RECORD, Vol. 128 (1982):Mar. 31, considered and passed Senate.Sept. 21, considered and passed House.
 
 
Page 3
 
CORPORATION SOLE: DISCRIPTION
 
Corporation Sole’s are filed with the Arizona Corporation Commission (ACC) inaccordance with Arizona Revised Statute title 10, section 11902 (ARS 10-11902). Thecorporation sole is the incorporation of an office of a church or religious society and isformed to acquire, hold and dispose property for the benefit of religion, for works of charity and for public worship, and of property of scientific research institutionsmaintained solely for pure research and without expectation of pecuniary gain or profitBasically a corporation sole is a corporation of one and lacks the usual trappings of acorporation. It does not have a board of directors, officers, stock, by-laws, official minutes,seal, or corporate name (Overseers of the Poor v. Sears, 39 Mass. 122).The fact that the corporation sole works satisfactorily is, perhaps, best illustrated by therelative absence of recent cases carried to the appealet courts. Corporate structure isseldom at issue, but the cases tend to run the gamut: torts, contract, civil procedure,piercing the corporate veil, workman’s compensation, taxation, eminent domain, estatesand simple fraud. Property disputes are relatively rare, perhaps because there would befirst amendment implications for most corporation sole. The important thing to keep inmind is that the corporation sole can do no wrong, it is the office holder who finds himself in court for going outside of the articles of the corporation sole.Corporate veil: in County of San Luis Obispo v. Delmar Ashurst (146 Cal.App.3
rd
380), thecounty was suing Ashurst for personal debts he incurred. The court ruled that the assets of the corporation sole belong to the corporation sole and not its titular head.Taxation: because a corporation sole is an integrated auxiliary of a church or religioussociety it is not only exempt from taxation but there is a mandatory exception from havingto apply for recognition of exempt statues (26 USC 508). IRS publication 557 (Rev.November 1991) page 21 states:“Although a church, its integrated auxiliaries, or a convention or association of churches is not required to file Form 1023 to be exempt from federal income tax orto receive tax deductible contribution, the organization may find it advantageous toobtain recognition of exemption.”Furthermore ARS 43-1201 states that corporations organized and operated exclusively forreligious, charitable, scientific, literary or educational purposes or for the prevention of cruelty to children or animals are exempt from state taxation.Finally, one of the biggest advantages of a corporation sole over a corporation aggregate isthat property and powers of a corporation sole are transferred on the death of anincumbent to successors in the office, not to heirs or through executors. The corporationsole exist in perpetuity and are not required to maintain an annual reporting to continue todo business (ARS 10-11904).

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