article thumbnail

Nonprofit or LLC: What Distinguishes One from the Other?

GrantNews

If approved, incorporation as an LLC shields individual company members from personal liability for any debts incurred by the LLC. For more details about LLCs, here is a link to the IRS definition of a Limited Liability Company (LLC). However, it is possible.

Liability 106
article thumbnail

The downsides of starting a nonprofit organization

Candid

However, there are definite costs associated with operating at the state level, filing with the IRS, and registering for charitable solicitation. Nonprofits are required by the IRS to keep detailed records, and there is a lot more paperwork for nonprofits than for other organizations, such as Limited Liability Corporations (LLCs).

Liability 105
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Lessons Learned From Fighting Food Insecurity Can Help Your Nonprofit

Blue Avocado

This is definitely what happened for our story: we started with a simple idea and then were incredibly surprised at how helpful an extra bag of groceries could be to a lot of households. We also started to notice just how many elders and families are affected by food insecurity: more than 34 million people in the United States alone.

article thumbnail

Which Fundraising Events Bring in the Most Money for Small Nonprofits?

Get Fully Funded

You may want to host an event like this at a local restaurant that has a liquor license and general liability insurance. These events should include a brief and powerful presentation (less than 5 minutes) to lay your message out there. NOTE: PLEASE check into the legalities of offering alcohol.

article thumbnail

Configuring QuickBooks for Use in a Nonprofit: Setting Up the Chart of Accounts

Tech Soup

Some of the main goals of the implementation meeting are to produce a consensus on the definition of: The chart of accounts. One definition is that a chart of accounts is a detailed listing of minor categories under the major categories of Assets, Liabilities, Net Assets, Revenue, and Expense.

article thumbnail

501c.yada, yada, yada

Sharpshooter Communications

After calling and clarifying (which took two phone calls and three emails), I fell into a rabbit hole because I realized I didn’t actually KNOW the definition of each of these categories - certainly not off the top of my head. ” I know the organization is a 501c3 but.I I mean, I kinda knew. But I didn’t really know.

article thumbnail

Nonprofit Tech Forecasts for 2013

Tech Soup

IoT is definitely not a new thing. I found particularly interesting the section on why emerging hybrid organizations and funding tools like social innovation bonds (SIBs), B corps (benefit corporations), and LC3s (low-profit limited liability companies) will become more prevalent in 2013. for some time now.