Non-profit social club & stock
I'm preparing to create a non-profit 501(c)(7) social club. First step is incorporation in my state. I know that with a corporation, stock is important because it shows how much of the business people own. Also, when it comes to dispursement of profits, it decides who gets how much. However, do I need to worry about stock in a non-profit corporation? There will be no profits to distribute. But without stock, who "owns" the company?
Is it 'owned' by the board of directors? The incorporator? The membership?