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Definitions Cont'd: Sole Corporation - Corporation Sole

In all organizations there are two basic operational positions: 1) the stockholder/owner/beneficiary (we will call this the beneficiary position); and
2) The officer/president/chairman/trustee (we will call this the operational position).

A sole corporation, as defined by Black's Law Dictionary, is one consisting of one person only and his successors in some particular station, who are incorporated by law in order to give them some legal capacities and advantages, particularly that of perpetuity, which in their natural state as persons they could not have. In a corporation sole, one person holds both operational positions of the organization.

A corporation sole may be established under legislative authority. It is considered by statute a citizen of the government. As such, the safe guards of the bill of rights do not extend to corporate soles. The courts have warned that statutory licensed sole proprietorships are in a fact a government agency by definition of how they are created. Most people who chose a sole organization do so because they maintain personal control over their assets.

 

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