Legal Question in Business Law in Oklahoma
church incooportation
Our church is not incorporated in Oklahoma. We are being given the property we now use. Do we have to be incoporated to own the property as a church? Are there advantages of being incoporated as a 501c3?
Asked on 11/07/04, 2:54 pm
1 Answer from Attorneys
Hunt John
Urgentlegalcare.com
Re: church incooportation
You should certainly look into incorporating immediately. The tax advantages are too numerous to mention here, but would include exemption of the property from ad valorem taxes. Other benefits relate to payment of sales tax on items purchased or sold; ability to provide compensation to your pastor in form of housing, salary, retirement etc. Plus the person donating the property might receive a deduction for the value of the property.
Answered on 11/08/04, 8:58 am
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