Each Worldcon is organized by a separate committee, which is nearly always legally incorporated in the local jurisdiction. In the United States, these are usually set up as non-profit corporations. The local organizers may be standalone committees, or the Worldcon may be a project of an existing local club.
There is no continuing or central organization. (WSFS is unincorporated and has no officers or staff or budget.) Thus each Worldcon is entirely independent and is selected by a vote of the members of the two-years-previous Worldcon. (See Worldcon site selection.) Worldcons do agree to be bound by the WSFS constitution in effect as of their selection, but this is enforced entirely by fannish public opinion. (Which is surprisingly powerful!)
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