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I also have question about legal defense fund. my small business

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isbeing sued by a law...
I also have question about legal defense fund. my small business isbeing sued by a law firm in Illinois and I am in Florida. I have been in business for 33 years but I am unable to afford the high prices lawyers are asking (20,000 cash up front to even answer the allegation ) and I'm afraid I may may lose to default. I don't know if I will survive but I want to start a legal defense fund a
To help my company, but to continue to help all small businesses that can't afford to fight frivolous law suits. it may be too little to late to help me, but maybe others
Submitted: 3 years ago.Category: Business Law
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2/13/2014
Business Lawyer: Dimitry K., Esq., Attorney replied 3 years ago
Dimitry K., Esq.
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Satisfied Customers: 41,221
Experience: Run my own successful business/contract law practice.
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Thank you for your question. Please permit me to assist you with your concerns.

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Customer reply replied 3 years ago
can a non-profit defense fund be used for my present situation and other small businesses
Business Lawyer: Dimitry K., Esq., Attorney replied 3 years ago

Hope,

 

Thank you for your follow-up.

 

You can potentially create a non-profit entity whose goal would be to collect funds for small business legal funds. However creating a non-profit is not a 2 week endeavor--you would need to follow explicit steps to set it up both with the state and the IRS (who ultimately grant or deny the non-profit status), and the process in the best of times can take 6 months. If you are seeking a quick solution, this wouldn't be it, and you would likely need an attorney to help you properly fill out the petition to the IRS s that the non-profit would not be denied on a technicality. Until the non-profit status is granted the entity cannot collect funds or provide them to you, so I am not sure if by 'present situation' you mean now. If you mean today, then no, this wouldn't help, but it might helps once the non-profit is formally approved.

 

Hope that helps clarify.

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