Transfer the assets and debts of your LLC to your nonprofit corporation. If your state permits the filing of an Articles of Conversion, your LLC will automatically become a corporation, and the assets and debts of your LLC will automatically transfer to your new corporation. If you file an Ar...
Transfer the assets and debts of your LLC to your nonprofit corporation. If your state permits the filing of an Articles of Conversion, your LLC will automatically become a corporation, and the assets and debts of your LLC will automatically transfer to your new corporation. If you file an Ar...
Depending on a state’s tax laws, there might be only marginal tax benefits for S-Corps, so it might not be worth the effort to change an LLC to an S-Corp. As such, before you make the decision to change your LLC to an S-Corp, conduct a thorough evaluation. Compare the pros and...
Make sure you’ve completed all the post-formation steps to maintain your personal liability protection, open a business bank account, and get insurance. To learn more, visit our guide onWhat to Do After Forming an LLC. Keep Your Company Compliant ...
Learn how to write nonprofit business plans with detailed sections and examples. Use this nonprofit business plan template to get it done faster.
When to start a LLCFollow these steps to start an LLC: 1. Name your LLC Now that you’ve decided you want to form an LLC, it’s time to bring your dream to life with its own name — and yes, it must be unique. When naming your LLC, you must choose something completely different...
Estate Planning With an LLC Parents who establish a family LLC with their children maintain control over assets, reduce theestate taxeschildren pay on their inheritance, and distribute that inheritance to children during a parent's lifetime, without being hit as hard by gift taxes. The federal ...
Your mission statement will guide your nonprofit’s efforts and help your team make important decisions. Create a mission statement that: Clearly explains what your organization does and what cause it advances Stays brief and easy to understand Can evolve with your organization’s goals 2. Create ...
the general rules for naming any kind of business also apply to LLCs. Try to make it unique and memorable. Consider making it specific enough that people will have some idea of what your business does, but not so restrictive that it will no longer be a good fit if you decide to divers...
The main objective of these principles is to make sure all financial details are reported on efficiently and effectively. Nonprofits and governmental agencies have to follow several additional standards, along with GAAP: Nonprofit organizations: Financial Accounting Standards Board (FASB) Government ...