Definition of "Corporation sole"

Antoinetta Pinckney real estate agent

Written by

Antoinetta Pinckneyelite badge icon

Southern Lifestyle Properties

Corporation having only one person, A corporation sole is primarily used for the purposes of a nonprofit ecclesiastic church related organization. Ina church, the corporation sole is headed by a priest, minister or bishop who holds title to all church-related property. The corporation sole allows the title to pass to the successors in office rather than to the heirs of the priest, minister, or bishop.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Legal proceeding to exercise a right in a disagreement between private individuals or businesses. One party seeks a remedy against the other. It does not involve a criminal situation. ...

Interest a person pays before it is actually incurred. An example is a one year's interest that a borrower agrees to pay in advance to a bank on a mortgage. This rarely occurs. ...

The period when a financial debt, such as a mortgage, must paid. ...

Pipes transporting water. ...

Unrealized gain in value of real property from holding it. The increase value is not recognized in the accounts. When the property is sold there will be a realized gain or loss. ...

Assets owned by an individual as part of his or her estate except for land and everything attached to the land. Personal property may be either tangible, having physical substance such as ...

Probate court approved title issued to the distribute of an individuals intestate estate. ...

Owned by one individual or sole ownership. ...

If you have been wondering what can cause a market failure, the most common answer is externalities. An externality is an indirect cost or benefit to a neutral third party that comes from ...

Popular Real Estate Questions