I am about to open a cowork space / tech hub and it will be
I am about to open a cowork space / tech hub and it will be licensed under a 501(c)3 and have a question regarding unrelated business income.The main source of income from this entity is going to be rent paid by individuals who lease space in our facility. This will range from $150 a month to $800 a month depending on where they want to be and what level of access they want.The nature of this space is to allow tech developers and like minded thinkers to work in and around other people of the same stature, hopefully collaborating on multiple projects.My partner and I both have solid backgrounds in IT, design, web, branding, business development, etc and plan on using those talents to make ancillary income which leads me to this question:If we run the non-profit properly, record everything, have a board of directors that sits over compensation (we will only be getting paid what our fixed bills are - rent, car, insurance, phones) and the rest goes back into the business to be used for grants... if we do all this, how can the unrelated business income be payable to us?Lets say we take on a client for a $20k back end database... and $15k of that is profit.... how do we pay ourselves without it jeopardizing our tax exempt/non-profit status?We are already going to be running a few for profit entities out of this office, completely unrelated to the CoWork space, so I'm trying to keep the bookkeeping as simple as possible without having to register ANOTHER entity specifically for the consulting - or is that the best thing to do, keep everything separate and dont comingle income?
This relates to tax law. This is your challenge. At County
This relates to tax law. This is your challenge.At Butler County airport, Ohio hangars are owned by individuals/business/associations and land is on long term lease. Rental (or lease) payments are made, but lease states "...meet all expenses in connection with the use of the premises and rights and privileges herein granted, including but not limited to real estate and personal property taxes....."There are two "property taxes", one for the actual building and other for the Land. No question on the building, but land property tax is usually responsibility of the landlord. In my case, the lease is 17 yrs old.Is it true that a the person who pays the land property tax can take squatters rights to the property after 7 years?To further the question, last yr my brother complains to the County tax department about the land property tax and they agree to remove it. The County then removed it for all leases at the airport. Also, the tax department person pointed out the land where buildings are is in a "property tax exempt" area from the state. So, can we ask for all "land" property tax back from day one of May 1999?
We have a 501.c.3 non profit in Florida. We are ambitious to
Good Morning.My name is***** have a 501.c.3 non profit in Florida. We are ambitious to make big growth the next few years, and I am trying to do some due diligence. We receive many donations for cars and boats throughout the year. We see other non profits who do this as a fundraising effort, receiving donations and reselling them to fund their organization. Our understanding is that in Florida, entities who sell 3 or more vehicles are required to have a dealers license. This is almost impossible to obtain in Monroe County Florida. The state requirements are that a dealer must have a commercial car lot, and they are all used up in our County. What options do we have as a non profit to be able to legally sell vehicles donated to us in Florida living in a county where we are unable to obtain a dealers license?
Writing bylaws for a NPO in Maryland. We currently have 5
writing bylaws for a NPO in Maryland. We currently have 5 directors, 3 that actually manage the group. can we have a pres, vp1 and vp2. vp1 also serves a treasurer, vp2 also serves a secretary OR can the Pres also serve as sec or treasurerJA: Because laws vary from state to state, can you tell me where the company is registered?Customer: marylandJA: Has anything been officially filed? If so, what?Customer: we recently obtain IRS determination letter.JA: Anything else you want the lawyer to know before I connect you?Customer: very small charitable performing arts org. had to "reorganize' upon death of founder. want all ducks in a row to solicit/accept donations
I would like to start a social enterprise ( online platform
I would like to start a social enterprise ( online platform for mentally ill teens) - would like to know if non-profit incorporation or for profit incorporation is better. Need initial "seed" donation/funding and then over time have revenue sustain operations. All profits will be invested back in growing the community. Over time there are likely to be two to three employees others would volunteers. The revenue model is via online sponsorships and ads as well as direct revenue from referrals to professionals.
Please direct my question to the appropriate lawyer. My wife
Please direct my question to the appropriate lawyer.My wife and I would like to pay off our son's college loan of about $40,000. What is the best way to pay so that we don't incur gift tax.Instead can it be tax deductible if we pay it directly to the lender, which I believe is the government.