Administrators Horton Posted June 23, 2018 Administrators Share Posted June 23, 2018 The Ambassador Project is getting a little steam and I am going to need to start taking donations to pay for Google Advertising soon. I do not want any of this money going through my personal bank accounts sooo the question is does anyone have any real experience setting up a non-profit? I admit I am looking for an easy button .... I have no idea how big this will become. It may go nowhere or it may be a big deal but my time is a lot of the problem. I have a GoFundme account but when money is added to that account it is going to have to come into my accounts before I can use it on the project and I VERY much do not want to commingle my personal and business funds with the Ambassador money. Anyone do this before? Connelly ★ Goode ★ HO Syndicate ★ KD Skis ★ MasterCraft ★ PerfSki Radar ★ Reflex ★ S Lines ★ Stokes ★ Baller Video Coaching System Become a Supporting Member or make a One-time Donation Link to comment Share on other sites More sharing options...
Nole_Skier Posted June 23, 2018 Share Posted June 23, 2018 The tax exempt status designation and annual filing with the IRS is simple and I’d be happy to help with that part. But first you need to set up an LLC, which varies by state. I’m only familiar with Florida. Depending on your state’s cost (some require annual fees), it may be prohibitive. Link to comment Share on other sites More sharing options...
Administrators Horton Posted June 23, 2018 Author Administrators Share Posted June 23, 2018 @Nole_Skier if I need an LLC I will back it until things are bigger Connelly ★ Goode ★ HO Syndicate ★ KD Skis ★ MasterCraft ★ PerfSki Radar ★ Reflex ★ S Lines ★ Stokes ★ Baller Video Coaching System Become a Supporting Member or make a One-time Donation Link to comment Share on other sites More sharing options...
Nole_Skier Posted June 23, 2018 Share Posted June 23, 2018 @Horton I did a little more research. You can incorporate as a non-profit without forming an LLC. While you don’t have the same liability protections, in this case I can’t see any reason you’d need them, although I’m not a lawyer. While it varies by state, in Florida it’s $70 to set up and then $60 a year. Here’s a link to each state’s requirements - IRS Non Profit Incorporation Link to comment Share on other sites More sharing options...
Baller LeonL Posted June 24, 2018 Baller Share Posted June 24, 2018 I don't know all the details, but a 501©3 is a bit difficult. You must have officers, board of directors, etc. a clesrly defined statement of intent and purpose, annual fees and reports. Link to comment Share on other sites More sharing options...
Baller_ lpskier Posted June 24, 2018 Baller_ Share Posted June 24, 2018 Setting up a not for profit is simple... in NY. There is a not-for-profit corporation law. You file a certificate with the Secretary of State, pay a fee of about $250 and you are in business. You then need someone to prepare your by-laws, help you with your organizational meeting and get your EIN. @Nole_Skier I’ve never seen a not-for-profit LLC. The LLC business advantages generally don’t apply to not for profits. Maybe other states are different. At least in NY NFP’s are always corporations. @LeonL You don’t have to be s 501©(3) to be a not for profit. That provision of the tax code enables a filer to accept contributions that are deductible on the donor’s tax return. If you aren’t a 501©(3), you still can accept donations. It’s just that the donation isn’t deductible by the donor. And it’s not that hard to qualify as a 501©(3) charity if you plan right at the outset and structure yourself accordingly. There is nothing complicated about this. @Horton If you want to organize in NY, I can have you up and running by Friday. I’m not admitted in California, so I can’t help you out there. Lpskier Link to comment Share on other sites More sharing options...
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