FORMING A PRIVATE BUSINESS
An entrepreneur or small business owner is generally defined as an individual who creates, organizes, and manages an enterprise with considerable initiative and usually shoulders considerable risk alongside.
One of the first considerations is the legal form your business organization will take. Your business may be in the form of a sole proprietorship, a partnership, a corporation or a limited liability company. There are advantages and disadvantages to each form of business organization. We can advise you, along with your accountant, which form would best suit you and your proposed business venture.
People are inspired everyday to start a nonprofit organization to help serve their community. Starting and sustaining a nonprofit organization is not an easy task. Levelle Law can assist with the legal, accounting, tax, and licensing requirements under state and federal law.
A common misconception is that a nonprofit organization is automatically exempt from paying taxes or will qualify to receive grants or tax-deductible contributions. “Nonprofit” is a state law concept that means the entity or trust was neither created nor is operated for the purpose of making a profit for any owners or shareholders. An organization may receive certain state benefits for being designated a nonprofit organization.“Tax Exempt” status is a federal determination that an organization is not liable for paying certain taxes, most notably income tax. Tax-exempt status is granted to nonprofit organizations that meet requirements principally set forth under IRC Section 501(c). Nonprofit organizations frequently seek designation as a 501(c) organization. This designation applies to various types of nonprofit organizations that serve charitable, educational, religious, scientific, or other recognized purposes.