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Corporation sole

   Also found in: Wikipedia 0.01 sec.
See the Note under Corporation.

See also: Sole



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A corporation sole is a one-person corporation, usually with power vested in a religious leader, which provides for a corporation to be administered without a board of directors, ownership shares, or other diffusion of control.
He used a loop hole that authorizes religious leaders to hold property and conduct activities in a corporation sole, but only religious or charitable organizations qualify.
Today some form of this parish corporation structure is used in 10 states, with the corporation sole model used in the majority of states and dioceses.
 
 
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