Insightful founders of new ventures understand the value of involving legal counsel in the early stages of planning. A knowledgeable attorney can identify issues, opportunities, and threats which allows founders to react appropriately as they plan the organizational and operational structures. As a result, investing in legal assistance at the outset can help to avoid […]
starting a nonprofit
10 Keys to Starting a Nonprofit – Private Foundation
A thoughtful commitment to charitable giving and sufficient funding are baselines for starting a nonprofit private foundation. But there’s more needed. Check out the following steps you should take as you move forward: Identify your reasons for starting a new organization. Are they primarily altruistic or personal? What is it about starting and operating a private […]
Starting a Self-Sustainable Nonprofit
Can a charitable nonprofit be profit-making and sustainable without donations? It is a common misconception that “nonprofit organization” and “profit-making” are mutually exclusive concepts. It’s certainly possible from a legal perspective for a charitable nonprofit to generate profits if the profit-making activities are related to furthering a valid charitable purpose. And by related, we mean […]
10 Keys to Starting a Nonprofit – Public Charity
Part One of our five-part series this month on starting a nonprofit. A great idea and committed leader are the baselines for starting a nonprofit public charity. But there’s more needed. Check out the following steps you should take as you move forward: Define your mission and identify who you intend to serve in order […]
IRS Eliminates Advance Rulings Process
On September 8, 2008, the IRS issued new regulations that eliminate the public charity advance ruling process. IR-2008-102, “IRS Streamlines Application Process for New Tax-Exempt Organizations,” stated in part: The Internal Revenue Service and the Treasury Department today issued new regulations that do away with the so-called advance rulings that granted public charity status for […]
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