A Christian knows that God made all things (He had first ownership), and that only He lives forever (you can’t take it with you); therefore, everything that we “have” today will eventually revert back to God.  Job said, “Naked came I out of my mother's womb, and naked shall I return thither: the LORD gave, and the LORD hath taken away; blessed be the name of the LORD.”  If you believe that already, nothing changes for you when you set up your corporation sole: you just declare it legally … and reap some tremendous benefits from telling the world now what every person will find out for himself someday when he passes on.

A basic principle of structuring is to “own nothing and control everything.”  So “ownership” is bad; “control” is good.  Teddy Kennedy “owns” nothing, yet he lives pretty well.  The same can be said for each Catholic bishop who serves as overseer of his diocese, which is, in most cases, a corporation sole: they live in palatial mansions and are driven around in limousines.  They don’t “own” it, yet they “control” it.  And the beauty of the corporation sole is that it allows you to both control and benefit, whereas most other structures do not allow the beneficiary to be in a place of control.

The Vow of Poverty.

So, how is this accomplished? With a Vow of Poverty.  You give it all to God – to His church – over which YOU are the Overseer.

Some may be concerned about taking a “Vow of Poverty,” but we must change our picture of “poverty” from that of living on the street and eating out of dumpsters … to that of Teddy Kennedy or Bishop Smith living in mansions and being driven around by a chauffer.  And understand that you give away everything that you “own” to a legal entity that YOU You see, “Own Nothing; Control Everything” works as well for a bishop as it does for a Rockefeller … and maybe better, for there are also tax benefits that go along with the Vow of Poverty.  CONTROL.  You see, “Own Nothing; Control Everything” works as well for a bishop as it does for a Rockefeller … and maybe better, for there are also tax benefits that go along with the Vow of Poverty.

The Corporation Sole is “immune” from all taxes and reporting.

When the Corporation Sole was first recognized by the King of England almost 500 years ago, it was partially to give to the clergy of the Church of England the same advantages as those within the Roman Catholic Church.  The Catholics had long been in the practice of taking a Vow of Poverty – giving up all of their earthly possessions in exchange for full reliance upon God for their physical needs to be met through the Church.   And the Church, of course, was recognized as being a sovereign institution – separate, apart from and parallel to the throne (the government).  As the throne was not sovereign over the Church, the government could not tax the Church.