TELESEMINAR: Choice of Entity Considerations for Nonprofits – A National Perspective
February 27, 2014
12:00 – 1:00 p.m.
1.00 MCLE hours
Choice of entity for charitable and nonprofit organizations is a sophisticated set of tax, operational, regulatory and mission-related considerations and tradeoffs. The choice impacts not only how an entity will be treated for federal income tax and state law purposes, but also impact how the organization goes about its mission and serving its charitable purpose. The choice has become more difficult recently because of extended delays in obtaining tax exempt status from the IRS, leading many charities seeking alternatives to forming traditional entities. This program will provide you with a real world guide to choice of entity considerations for nonprofit and charitable organizations, the practical challenges of obtaining tax exempt status, and practical alternatives to forming a traditional entity.
- Major choice of entity considerations for nonprofit and charitable organizations
- Understanding the uses of corporations and LLCs, private foundations v. public charities
- Growing popularity of not choosing an entity – using a single member LLC or utilizing a long-dormant entity
- Restrictions on the activities and investments of each type of entity, including joint ventures with profit-making organizations
- Real world guide to current state of obtaining tax exempt status from the IRS
Michael Lehmann, Manatt, Phelps & Phillips, LLP, New York
Michele A. W. McKinnon, McGuireWoods, LLP, Virginia