When a potential client comes in to form a company, one of the first questions we have to ask is whether that client wants a nonprofit or a for profit company. Almost always, that entrepreneur is already sold on one or the other, but it is every good attorney’s job to ensure they’re sold on […]
IRS Conflict of Interest Policy
If you’re applying for a tax exempt recognition through the Internal Revenue Service (IRS) such as a 501(c)(3) or similar type of recognition, you will be required to include a conflict of interest policy in your governing documents. Fortunately, the IRS has provided significant guidance on what needs to be included, as well as providing a […]
Categories for 501c3 Recognition
We all know that a 501(c)(3) nonprofit is a charitable nonprofit, but what are the specific categories that qualify? If you didn’t know this, don’t worry, we have a great blog about the differences between nonprofits and charities, and one on whether you need a 501c3 charity or not. Which of these would you think […]
Nonprofits versus Charities
The terms “nonprofit” and “charity” are frequently used interchangeably. In today’s common society, we’re constantly led to believe they are the same thing; however, there are very important differences that have implications on your wallet. Even though they’re different, they may still both have a charitable purpose or significant impact on the community. A nonprofit […]
Do I Need a 501(c)(3)?
I go through the same set of questions with every client who wants to set up a 501(c)(3) charitable organization, so I thought it would be helpful to others who might be interested in starting a charity in the near future. Does your company need to be nonprofit? If you don’t have an income at […]
Starting a North Carolina Nonprofit
Intro Starting a North Carolina Nonprofit is actually very easy to do, but there are a ton of formalities you’ll have to follow if you want to be recognized as a 501(c)(3) or specific requirements for other industries. This purpose of this article is to guide you through the basics of starting a nonprofit […]