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Self-Study

Choice of Entity for Nonprofits Obtaining Tax Exempt Status, Part 1 - 2018


Total Credits: 1.2 Self Study

Practice Area:
Business & Corporate
Format:
Audio Only


Description

Counseling a client about choice of entity for a nonprofit or charitable enterprise is a multilayered process.  Frist, clients need to understand that not all nonprofits are charities. They may be mutual benefit entities like credit unions. Even if the enterprise is nonprofit and charitable in nature that does not necessarily mean the enterprise is eligible for tax-exempt status. Once these distinctions are made, attorneys need to counsel clients about the subtle advantages and disadvantages of four major types of entities, all formed under state law. Then there is the distinct issue of how that entity is classified for federal tax purposes. – a public charity, a private foundation of one type or another, a donor-advised fund or a supporting organization. Each comes with its own subtle tradeoffs, including how the entity might work with for-profit entities. This program will provide you with a real world guide to non-profit choice of entity and obtaining tax-exempt status.  

 

• Framework of major choice of entity considerations for nonprofit and charitable organizations – corporations, LLCs and trusts
• Private foundations v. public charities – tradeoffs, costs, compliance 
• Restrictions on the activities and investments of each type of entity, including joint ventures with profit-making organizations 

Speaker: Michael Lehmann, Dechert, LLP, New York, NY

NOTE: This program was originally produced as a telephone seminar and is available on demand in streaming audio. This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for ethics or elimination of bias credit.

Materials

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