NONPROFIT & SMALL BUSINESS
NONPROFIT & SMALL BUSINESS
At Levelle Law, we know how daunting it can be for individuals to wrap their arms around all the legal steps and best practices that are required to start a small business or nonprofit organization and make them run smoothly. Through our more than 30 years of advising small business owners and nonprofits we have significant experience in helping small and large organizations build organizational efficiency, compliance, governance and taxation structures. We have a particular affinity for supporting newly established and rising BIPOC ventures.
We are here to help advise and steward business development plans for both private and nonprofit organizations. We can assist you in everything from procuring a tax identification number (commonly called a TIN or EIN) and helping develop articles of incorporation, bylaws and governance structures. We can help your organization develop organizational and executive leadership goals, financial processes, and succession planning.
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.
NONPROFIT ORGANIZATIONS
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.
