by PopeOfEruke 23 Replies latest watchtower bible
I don't really understand who really are the beneficial owners of the Watchtower Society and all its assets.
So I pose this question: If the Watchtower Society closed down tomorrow and all the assets were sold off, who would get the billions of dollars? The WTS Shareholders?? Or who??
Or are there JW companies which are "owed" huge amounts by the Society, and so all the cash would simply go to these "companies" to pay off the "debt"?
Anyone have an idea?
Pope
my understanding is that the limited number of shareholders are only voting shares, not ownership interest. this is the case because the corporations are all charities (non-profit organizations). with a non-profit corporation, no share holder, officer, etc. is allowed to profit from an ownership interest. in a sense charities are "owned" by the public. they enjoy their tax-free status because they give back to the public or serve the public's interest. if someone that is private individuals were allowed to benefit, then that would be a taxable situation. (of course this doesn't mean that charities don't take in more revenue than expenses (i.e. profit), can't pay a reasonable percentage of operating costs as salaries or on personnel, etc., or are exempt from all forms of taxation.)
charities are set up for the benefit of the general public or with specific purposes to serve specific segments of the public. if a charity has to be wound up, after payment of any debts, any residual assets are either distributed in accord with the Articles of Incorporation or in the absent of a specific directive, in a manner that would similarly serve the public interest as the purpose of the charity. Generally the board of directors has this responsibility to wind up the non-profit corporation (charity) and makes such decisions as to the distribution or use of assets. If however, there is no acting board of directors or responsible party, the State Secretary where the charity is incorporated would make such a distribution or allotment. The goal would be to use such assets to serve the public interest in comparable fashion, so for example lets say there were a certain sum left of cash, no board, and the State Sec is making the decison, the State Sec could distribute the funds to other religious or bible charities/non-profits.
nice hypo but it will not happen. the WTS will shrink in scope and assets as it reshapes its paradigm and purpose in the 21st century, but some non-profit corp will continue probably indefinitely.
Basically, US law states that a non-profit corporation must donate its assets to another non-profit corporation if it, in essence, goes out of business.
Thanks Oroborus!
So in effect all the billions of real-estate dollars are really "owned" by the public?! That's amazing really. But it makes sense in a way too....
Pope
Basically, US law states that a non-profit corporation must donate its assets to another non-profit corporation if it, in essence, goes out of business.
Spot on, though the WTS has set up a complicated legal structure, so I do wonder how many non profit entities exist with Watchtower beneficiaries. I used to think it was the publishers. As I hoped it was a matter of time before it went down I used to put in a report every month so as to be in line for a cash windfall.
I've got dibs on 200K.
r.
If the WTS closed shop, who'd get the money?
Answer: I will. ......wait and see! LOL
What power does a voting share endow? What sort of things can the shareholders vote for or vote against?
Pope
They need to start their own country within a country, Hutt River Province style.
What would you call the Watchtower unit of currency: a "Dub"?
With WTS in so many countries, they might siphon off funds to other bethel offices or 'missionary expansion' to countries with more liberal fund management.
