My impression is that such people don't actually believe that Christ founded a Church.
This other Free Republic post The Apostles Speak for Jesus. A Refutation of those who Dismiss the Teaching of the Epistles...(LINK) touches upon that, because it deals with the beginnings of the NT Church, with the words of the Apostles received as truly "God's words," and the beginnings of Apostolic succession as Matthias is chosen to replace Judas, and as Paul ordains Titus and Timothy with real power and authority by the laying on of hands.
This is evidently a succession of power and authority in the Name of the Lord, which did not "peter out" at some point, as some assume.
Sure there is!
We PROTESTants just don't cotton too well to stuff that your church REQUIRES that cannot be found in Scripture.
2 Timothy 3:16-17