On May 28, 5:57 pm, john smith >
> I am not a part-owner in either of the two clubs of which I am a member.
> I simply rent the aircraft. All of the aircraft are lease-backs in one
> club and the club is incorporated and the corporation owns the other.
> There are nine airplanes in the one club and one in the other.

Who owns the corporation? In my club, the planes are all owned by the
corporation, but the corporation is owned by the members as
sharedholders. We have no non-member shareholders.

In article . com>,
xyzzy > wrote:

> On May 28, 5:57 pm, john smith >
> > I am not a part-owner in either of the two clubs of which I am a member.
> > I simply rent the aircraft. All of the aircraft are lease-backs in one
> > club and the club is incorporated and the corporation owns the other.
> > There are nine airplanes in the one club and one in the other.
>
> Who owns the corporation? In my club, the planes are all owned by the
> corporation, but the corporation is owned by the members as
> sharedholders. We have no non-member shareholders.

No one owns the corporation, it is a stand-alone entity.

"john smith" > wrote in message
...
> In article . com>,
> xyzzy > wrote:
>
>> On May 28, 5:57 pm, john smith >
>> > I am not a part-owner in either of the two clubs of which I am a
>> > member.
>> > I simply rent the aircraft. All of the aircraft are lease-backs in one
>> > club and the club is incorporated and the corporation owns the other.
>> > There are nine airplanes in the one club and one in the other.
>>
>> Who owns the corporation? In my club, the planes are all owned by the
>> corporation, but the corporation is owned by the members as
>> sharedholders. We have no non-member shareholders.
>
> No one owns the corporation, it is a stand-alone entity.

That defies the legal rules of corporations.

Matt Barrow wrote:
> "john smith" > wrote in message
> ...
>> In article . com>,
>> xyzzy > wrote:
>>
>>> On May 28, 5:57 pm, john smith >
>>>> I am not a part-owner in either of the two clubs of which I am a
>>>> member.
>>>> I simply rent the aircraft. All of the aircraft are lease-backs in
>>>> one club and the club is incorporated and the corporation owns the
>>>> other. There are nine airplanes in the one club and one in the
>>>> other.
>>>
>>> Who owns the corporation? In my club, the planes are all owned by
>>> the corporation, but the corporation is owned by the members as
>>> sharedholders. We have no non-member shareholders.
>>
>> No one owns the corporation, it is a stand-alone entity.
>
> That defies the legal rules of corporations.


I think a not-for-profit can get away with out any stock be owned.

"Gig 601XL Builder" <wrDOTgiaconaATsuddenlink.net> wrote in message
...
> Matt Barrow wrote:
>> "john smith" > wrote in message
>> ...
>>> In article . com>,
>>> xyzzy > wrote:
>>>
>>>> On May 28, 5:57 pm, john smith >
>>>>> I am not a part-owner in either of the two clubs of which I am a
>>>>> member.
>>>>> I simply rent the aircraft. All of the aircraft are lease-backs in
>>>>> one club and the club is incorporated and the corporation owns the
>>>>> other. There are nine airplanes in the one club and one in the
>>>>> other.
>>>>
>>>> Who owns the corporation? In my club, the planes are all owned by
>>>> the corporation, but the corporation is owned by the members as
>>>> sharedholders. We have no non-member shareholders.
>>>
>>> No one owns the corporation, it is a stand-alone entity.
>>
>> That defies the legal rules of corporations.
>
>
> I think a not-for-profit can get away with out any stock be owned.
Yes, you're right - brainfart on my side.

Matt Barrow wrote:
> "Gig 601XL Builder" <wrDOTgiaconaATsuddenlink.net> wrote in message
> ...
> > Matt Barrow wrote:
> >> "john smith" > wrote in message
> >> ...
> >>> In article . com>,
> >>> xyzzy > wrote:
> >>>
> >>>> On May 28, 5:57 pm, john smith >
> >>>>> I am not a part-owner in either of the two clubs of which I am a
> >>>>> member.
> >>>>> I simply rent the aircraft. All of the aircraft are lease-backs in
> >>>>> one club and the club is incorporated and the corporation owns the
> >>>>> other. There are nine airplanes in the one club and one in the
> >>>>> other.
> >>>>
> >>>> Who owns the corporation? In my club, the planes are all owned by
> >>>> the corporation, but the corporation is owned by the members as
> >>>> sharedholders. We have no non-member shareholders.
> >>>
> >>> No one owns the corporation, it is a stand-alone entity.
> >>
> >> That defies the legal rules of corporations.
> >
> >
> > I think a not-for-profit can get away with out any stock be owned.
> Yes, you're right - brainfart on my side.

A nonprofit corporation can have shareholders, even if they are called
by a different name, like "voting members." My club does.

Even if the nonprofit doesn't have shareholders, it still has a board
and a method for electing that board. So I rephrase my question for
Mr. Smith: who is the board of the corporation? Who elects them? the
answer to the last question is also the answer, for all practical
purposes, to "who owns the corporation"?

xyzzy wrote:

>>> I think a not-for-profit can get away with out any stock be owned.
>> Yes, you're right - brainfart on my side.
>
> A nonprofit corporation can have shareholders, even if they are called
> by a different name, like "voting members." My club does.
>
> Even if the nonprofit doesn't have shareholders, it still has a board
> and a method for electing that board. So I rephrase my question for
> Mr. Smith: who is the board of the corporation? Who elects them? the
> answer to the last question is also the answer, for all practical
> purposes, to "who owns the corporation"?

No, the corporation can "own" the aircraft. It is a legal entity. The board
or members "control" the property by controlling the corporation. They "own"
neither the property or the corporation. I've been on the board of two
different NFP organizations. One had only a self sustaining board of
directors. (The BOD elected new BOD members as needed.) The other had both
members and a BOD.

Both of these organizations owned both real and personal property. No member
had any ownership interest in the property.