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"?