Frequently asked questions about becoming a 501(c)(3) foundation Why Should Our Club Become a 501(c)(3) foundation? I have recently had the pleasure of both incorporating and applying for 501(c)(3) non-profit status for a New York Lions and a New York Kiwanis Club. One club had been in existence for more than 50 years… Read More »
Posts Categorized: Small Business
Long Island Small Businesses and the Onerous MTA Payroll Tax
I confess, I only incorporated my business this past year. For a solo attorney such as myself, there aren’t as many reasons to incorporate as there are for other businesses. I have malpractice insurance that covers most of my liability, and a corporation or LLC formation would offer little in the way of additional protection. … Read More »
ASK THE CUSTOMER: WHY IS YOUR SMALL BUSINESS FAILING?
Why do so many small businesses fail? According to this blog post, one of the main problems is that entrepreneurs themselves are the least likely to understand what has gone wrong with their businesses. As Jay Goltz opines, if business owners understood why their business was failing, they’d be able to fix it. Some of… Read More »
Small Business Assistance Bill to Spur Hiring
According to the NY Times, new legislation aimed at providing loans and tax breaks to small businesses is almost certain to pass the Senate this week. The House is also expected to approve the bill quickly, while President Obama has already given it his strong support. The new $30 billion lending program is designed to… Read More »
Small Business Guide to IRS Audit
A new video series “Your Guide to an IRS Audit” follows three hypothetical small business taxpayers step-by-step through the audit process.
Small Businesses Need Minutes of Meetings
Why Does a Small Corporation Need to Keep Minutes? Corporate minutes are a reflection of the decisions of the Board of Directors. Even more importantly, corporate minutes are an indication that formalities of the corporation are being kept. If involved in a lawsuit, one way an attorney will attempt to reach personal assets of the… Read More »
New York Religious Corporations Law
It makes sense for religious organizations such as churches, temples, synagogues and other religious nonprofits to form corporations. Incorporating enables the religious organization to enjoy the benefits of limited liability and other attributes of corporate entities. In New York, religious corporations are controlled by both the Religious Corporations Law (RCL) and the New York Not-for-Profit… Read More »
Long Island 501(c)(3) Not-for-Profit Formation
What is a nonprofit organization? Terms: Some confusion exists because of the different names for these organizations: Not-for-profit, non-profit, nonprofit. These terms are used interchangeably in the charitable world. Are nonprofits the same as 501(c)(3) organization? While almost every 501(c)(3) organization is a nonprofit, not every nonprofit has 501(c)(3)status. A nonprofit organization such as a… Read More »
Your Family Small Business Succession Plan
When your business succession planning involves family, a whole new set of variables need to be thought about. In some ways, it is easier when you have family to leave your business to, in other ways it can be way more difficult as you add family dynamics to the mix First of all, some statistics:… Read More »
Do You Need A Business Succession Plan?
Once you’re past the startup phase of your small business, it is time to start thinking about your business succession plan. If you are years from retirement, this may be the last item on your to-do list. You surely have enough to do in your daily operations without building in time to work on the… Read More »