Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
Tax Exemptions For Charitable Single-Member Limited Liability Companies, Terri Lynn Helge, David M. Rosenberg
Tax Exemptions For Charitable Single-Member Limited Liability Companies, Terri Lynn Helge, David M. Rosenberg
Faculty Scholarship
This summer, the IRS issued long-awaited guidance on the deductibility of charitable contributions made to a single-member limited liability company (“SMLLC”) that is wholly-owned by a charitable organization exempt from federal income tax as a organization described in Section 501(c)(3). Previously, in a 2001 private letter ruling, the IRS confirmed that a SMLLC wholly-owned by a U.S. charity did not need to submit a separate application for recognition of federal income tax exemption, but declined to rule on whether contributions made to the SMLLC would be deductible under Section 170 as charitable contributions. An article in the IRS Continuing Professional …
Choice Of Entity Considerations For Charitable Organizations, Terri Lynn Helge
Choice Of Entity Considerations For Charitable Organizations, Terri Lynn Helge
Faculty Scholarship
This article discusses choice of entity issues related to the formation, operation and governance of nonprofit organizations, highlighting the distinctions between charitable organizations formed as charitable trusts and charitable organizations formed as nonprofit corporations. In determining the legal structure for a new nonprofit entity, considerations that need to be taken into account include: (1) ease/speed of formation; (2) limitation of liability for members and directors; (3) financial resources; (4) type and scale of activities to be conducted; (5) governance requirements; (6) capacity to own property and contract; (6) capacity to sue and be sued; (7) liabilities to third parties; (8) …