Home: Message List - LLCs and non-profits

Re: LLCs and non-profits

melmurray123 — Sun, 24 Feb 2008 02:42:39 GMT

Thanks elpelp! I will check it out!

Mel

Re: LLCs and non-profits

elpelp — Sun, 24 Feb 2008 00:58:05 GMT

Here's a good free website that should be helpful. Although it's relatively new, it seems to be posting good information. This is a specific post to starting a new business and what legal entity to choose. I'd say go with LLC since it's tough to secure non profit status.

http://www.bizscoops.com/2008/02/18/forming-a-new-legal-entity/

Re: LLCs and non-profits

melmurray123 — Sat, 23 Feb 2008 17:03:46 GMT

Hi Luckiest...thanks for trying but that doesn't help. I am attorney, so I know all about torts I researched the D.C. code and found that non-profits organized in the District must be corporations so I would have the same protection as that a corporation would have (I would not be personally liable and would only be at risk of losing my investment).

Thanks again!

Melanie

Re: LLCs and non-profits

LUCKIEST — Sat, 23 Feb 2008 13:10:12 GMT

Does this help??
Tort is the law of civil wrongs. Tort law usually provides people with the rights to compensation when another person harms their legally protected interests. For instance, if somebody throws a ball and it accidentally
hits a pedestrian in the eye, any costs of medical treatment and
compensation for lost income during time off work could be paid by the
person who threw the ball to the person who was hurt. As well as bodily
integrity, certain liberties are protected, such as the right to one's
reputation. If a newspaper publishes a defamatory
statement about a celebrity which is untrue, the paper may have to pay
damages as a way of demonstrating they were wrong.
The majority of tort cases concern road accidents, accidents in the workplace or medical accidents.

Re: LLCs and non-profits

melmurray123 — Sat, 23 Feb 2008 02:44:38 GMT

Thanks!

Re: LLCs and non-profits

LUCKIEST — Sat, 23 Feb 2008 02:39:23 GMT

123, How soon are you starting this preschool??
Do you have a Business and Marketing Plan??
Do you know about SCORE. SCORE is FREE
Every business person should have an Accountant (you have one)
A Lawyer and an Insurance Agent.
Good luck, LUCKIEST

Re: LLCs and non-profits

melmurray123 — Fri, 22 Feb 2008 23:19:04 GMT

Ok thanks! I will call her.

Re: LLCs and non-profits

MoneyforBiz — Fri, 22 Feb 2008 22:42:31 GMT

Call your accountant...big time........LLC's are looked upon a lot differently than in years past........and there are a lot of benefits for non-profits

LLCs and non-profits

melmurray123 — Fri, 22 Feb 2008 22:24:40 GMT

Hi all! I am starting a preschool and I am trying to decide whether I want to make it a regular company (and LLC) or a non-profit. As the sole owner, I would be taking a salary in either form, so money is not my concern. My issue is for tort and contract liability reasons, would I also be insulated as a non-profit organization? Does anyone know how non-profits are tax (ex. as a partnership)?

Thanks for your help!