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Recent Not for Profit questions

Can I have a for profit business and a non profit? Or can I

Can I have a for profit business and a non profit? Or can I have a for profit and my husband has the non profit?

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Asad Rahman

Attorney

J.D.

4,182 satisfied customers
Im opening single member LLC and wanted to clarify if my

Im opening single member LLC and wanted to clarify if my Theatrical Dance Studio is qualified under sec 23.03 and exempt from NYS publication requirement. My students participate in dance recitals including theatrical performances in various locations during Christmas season and year-end performances. I also send their performance videos for evaluations to get ratings from professional dance organizations.

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Richard - Bizlaw

Juris Doctor

10,576 satisfied customers
Richard, I hope your weekend is off to a good start. This is

Good Morning Richard,I hope your weekend is off to a good start.This is a specific area of the law, with regulation. So, if you are not familiar, no problem.We have one client in a very foundational, local, single-location, bricks-and-mortar business, 5+ years in business, profitable, popular and respected. And growing. Nothing fringe like a strip club or marijuana dispensary. Just a good old business-to-business wholesale manufacturer. Good business and owner personal credit. Perfect D&B.This client is 3-6 months away from being able to transition to low-cost bank financing (even SBA, and already qualifies based on FICO SBSS score). But the current, shorter term, higher cost debt, used strategically to expand and grow to this point, is rough on cash flow.The business made $200k in net profit on $1.1mm in sales last year (which is above average for its industry), but can't retain any of it due to servicing the short term debt.Since they have expanded and experienced fast growth recently as part of the successful expansion plan (last 5-6 months, rock solid and continuing), it's a little too early for the quality term loan e-lenders who lend $300-500k, 3-5 year terms, at 8-14% interest....without a formal appraisal. This should be the next step, before this client becomes formally bankable at prime + 2, SBA.They are turning down very profitable work, and running out of cash, which is unfortunate.They are considering soliciting a debt or equity investor online, Craigslist, and have actually done so successfully a few times over their 5 years. One such investor still remains, one has been bought out.In theory, this is fine. But I think the regulatory landscape for this kind of offering has become more restrictive.Do you know anything about this, and/or have any suggestions? This client would be an attractive acquisition or co-investment target within its own wholesale/manufacturing industry, and there are many suitors in the immediate area, mostly much larger than my client. But I think this will take too long, and the timeline is not reliable.They need cash pretty quick.Initial thoughts, both as a businessman and/or attorney.As always, thanks.

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Richard

Owner

Doctoral Degree

48,646 satisfied customers
Richard, In an SCorp is a yearly salary/ monthly payroll to

Richard,In an SCorp is a yearly salary/ monthly payroll to a 100% share holder (like myself) considered a disbursement to shareholder? Is it considered the type of disbursement that I eventually could/might have to pay back to creditors or past judgments that come through "after" the company is closed? Or are disbursements considered what's left after payroll is competed and assets are liquidated only? I know that liability passes through to the shareholders in cases like this where the company is closely held. Just trying to figure out if my payroll to myself is considered accessible distributions in this sort of situation.

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Richard - Bizlaw

Juris Doctor

10,576 satisfied customers
Second opinion] A not for profit organization to which I

Second opinion] A not for profit organization to which I belong awarded a college student a $1600 scholarship. The awardee advised us that she lost the check and or did not receive it. However, the original check was endorsed presented for payment and Chase honored it. The awardee claimed she never endorsed or cashed it. We then issued her a new check and filed a claim with Chase Bank. Chase will reimburse us the funds if it receives a notarized affidavit from the awardee that she has no knowledge of the fraudulent transaction, she did not endorse and or cash the check, she has no knowledge of anyone who did. Despite our request for same and several letters, the awardee has not signed the affidavit and the not for profit is out of $1600. What recourse do we have against her.

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Best Attorney

Attorney and Counselor at Law

Juris Doctor

36 satisfied customers
I could use some business law advice. I live in CA, I formed

Hi, I could use some business law advice.JA: What state are you in? It matters because laws vary by location.Customer: I live in CAJA: Has anything been filed or reported?Customer: I formed an LLC in WYJA: Anything else you want the lawyer to know before I connect you?Customer: Have a TX drivers licence

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Ely

Counselor at Law

Juris Doctor

67,218 satisfied customers
A not for profit organization to which I belong awarded a

A not for profit organization to which I belong awarded a college student a $1600 scholarship. The awardee advised us that she lost the check and or did not receive it. However, the original check was endorsed presented for payment and Chase honored it. The awardee claimed she never endorsed or cashed it. We then issued her a new check and filed a claim with Chase Bank. Chase will reimburse us the funds if it receives a notarized affidavit from the awardee that she has no knowledge of the fraudulent transaction, she did not endorse and or cash the check, she has no knowledge of anyone who did. Despite our request for same and several letters, the awardee has not signed the affidavit and the not for profit is out of $1600. What recourse do we have against her.

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INFOLAWYER

Attorney

Juris Doctor.

39,240 satisfied customers
I'm getting ready to register a non-profit in the state of

I'm getting ready to register a non-profit in the state of Maryland. I'm working to make sure the vision and mission of the non-profit is protected. In setting up by-laws, I would like to find out if I can have the founder be on the board of directors in a permanent position unless the founder decides to relinquish this position at which point, he/she can appoint someone else in their place.In addition, I would like to find out if I can setup a founder position that has the power to veto a board decision and the power to change a board member is indicated.Lastly, i would like to find out if the founder can be the sole member of the organization

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Asad Rahman

Attorney

J.D.

4,182 satisfied customers
Are you familiar with social security laws? well i meant as

are you familiar with social security laws?JA: No. I'm the Corporate Lawyer's Assistant.Customer: well i meant as soical security benefitsJA: What state are you in? And have you consulted a local attorney?Customer: PAJA: Has anything been officially filed? If so, what?Customer: nothing has been filed yet. just trying to figure out what's my positionJA: Anything else you want the lawyer to know before I connect you?Customer: nope

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John

Attorney

Doctoral Degree

8,118 satisfied customers
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