2008-08-28 03:24:02 UTC
averages about 100 members. I was secretary of this club for many
years. It was incorporated under the laws of the state in which I
live. Two signatures was required for checks issued. We had
certificates of deposit as an investment with a for profit bank. The
only cash dispursed was small "petty cash" items.
The constitution of the club specified that all officers who were
responsible for handling money be bonded. No problem with the state or
IRS ever on these matters.
The reason for being incorporated was to relieve individual members of
responsibility of liabilities of the club. The club had a "registered
agent" required by the laws of incorporation upon which papers could
be served. We filed federal and state financial reports on a annual
Why do limited liability corporations (LLC) and limited partnerships
exist? To protect individuals from personal lawsuits.
If AMORC had the business sense of my little yacht club,no problems
such as the ones that supposidly occured would have happened. A more
likely chain of events is that certain people in the grand lodge were
after the hide of GLS. Plain and simple.