Re: Corrected Verson of On the Issue of Shares
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Amen Law Firm
Apr 26, 2012, 9:36:49 PM4/26/12
to FirstSenat...@googlegroups.com
Senators:
We have seen many experts talking about investments and shares. Some have told us that our status as a non for Profit is not clear since we are not registered as 501(c) organization with IRS. We better reverse our thoughts that it is registration with IRS that certifies a body as a non for Profit Organization. There is a distinction between a non for profit and a tax exempt body. Not all Non-for profit organizations are tax exempt bodies. Organization may be a non for profit without and not qualify for Tax exempted status. We may already have incurred some tax liability without knowing about it.Those with back ground in that ares should advise us.
Our status as a non for profit organization was entrenched in our Constitution under two sections. See the attached article and the relevant sections of our constitution that was copies by me . Let us not come to the meeting to waste our time. If we want to start an organization where we want to own shares and trade shares, we must form another organization and pass the money in our account to the State of Texas or another organization that have been set up for similar purpose as ours.
We have to learn how to use the money in the bank for the purpose for which this organization was set up. The money saved by us belongs to the organization and not individuals in the organization.
Should we dissolve the investment Committee? What is delaying our application for tax exempt status? Do we really want to a tax exempt body? Your view on this issues please. Let us print the attachment and bring it along with the minutes of meeting for discussion if the Executive will be kind enough to put this issue on our agenda for the next meeting.
Amen Omo. Obas.
We have seen many experts talking about investments and shares. Some have told us that our status as a non for Profit is not clear since we are not registered as 501(c) organization with IRS. We better reverse our thoughts that it is registration with IRS that certifies a body as a non for Profit Organization. There is a distinction between a non for profit and a tax exempt body. Not all Non-for profit organizations are tax exempt bodies. Organization may be a non for profit without and not qualify for Tax exempted status. We may already have incurred some tax liability without knowing about it.Those with back ground in that ares should advise us.
Our status as a non for profit organization was entrenched in our Constitution under two sections. See the attached article and the relevant sections of our constitution that was copies by me . Let us not come to the meeting to waste our time. If we want to start an organization where we want to own shares and trade shares, we must form another organization and pass the money in our account to the State of Texas or another organization that have been set up for similar purpose as ours.
We have to learn how to use the money in the bank for the purpose for which this organization was set up. The money saved by us belongs to the organization and not individuals in the organization.
Should we dissolve the investment Committee? What is delaying our application for tax exempt status? Do we really want to a tax exempt body? Your view on this issues please. Let us print the attachment and bring it along with the minutes of meeting for discussion if the Executive will be kind enough to put this issue on our agenda for the next meeting.
Amen Omo. Obas.
Emmanuel Merenini
Apr 27, 2012, 4:32:04 PM4/27/12
to firstsenat...@googlegroups.com, FirstSenat...@googlegroups.com
JD Amen,
Thanks for the update. What does the Office of the Secretary of State
Certificate of filing says about First Senators of Houston Inc. I personally
understood the difference between "for profit" and "not for profit" entity.
I also understood what tax-exempt status from the IRS is. I
really don't think our members claimed that they are experts in investment and
shares. They were merely individual opinions. The organization have not embarked
on that idea yet. Thanks for the work you have done for members regarding what
our constitution stipulated.
Regards,
Emmanuel Merenini
Emmanuel Merenini
"Reach out and help those in need" - Emmanuel Merenini
"Attitude is a little thing that makes a big difference" - Sir Winston Churchill
"A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty" - Sir Winston Churchill.
"Attitude is a little thing that makes a big difference" - Sir Winston Churchill
"A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty" - Sir Winston Churchill.
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