Comment by JumpCrisscross
5 days ago
Eh, colleges were originally religious institutions. (Harvard was founded to train clergy [1].)
Converting the Corporation to Harvard Church is about the least shenanigany thing I could think of in this tale.
[1] https://en.wikipedia.org/wiki/History_of_Harvard_University
This is genius. Next up, Apple could easily convert into a church with its many disciples.
And this is why I believe governments should tax nonprofit organizations!
In France, we ran an NGO whose music festival got a bit big… a million or two of beer sales. Tax office came in and put that part of the NGO under the business rules, ie we paid and received VAT, paid the corporate tax at the normal rate, etc. We ended up putting the entire charity under the business rule because it was more profitable (saving VAT on all providers, while our donations were exempt of VAT).
I’m surprised USA doesn’t have a rule that industrial/commercial sections of any org is liable to all corporate tax laws.
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Well, a nonprofit cannot have owners. Apple has owners.
OpenApple, a privately owned public benefit corporation.
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If they become a church they will have to buy private jets for the faculty.