NON PROFIT LAW
Did you know that if all the nonprofits in the world were a country, they would have the 5th largest economy in the world? Right after Germany. That’s impressive!
Nonprofits also face similar legal challenges to assure that they comply with business requirements and additional requirements to assure that they do not jeopardize their tax exempt status. As a law firm advising nonprofits, we work with nonprofit organizations to guide them through these issues.
In fact, in the U.S., one out of every 10 working Americans work in the nonprofit sector. This makes it the third-largest employment industry in the country, behind only retail and manufacturing. Given the significant role of nonprofits in the global stage and in the U.S., it’s important to consider the role of the fastest-growing areas to impact the nonprofit sector, Donor Advised funds (“DAFs”).Nonprofit corporations are different than profit-focused corporations in several ways. The most simple difference is that nonprofit corporations cannot operate for profit. Meaning, they cannot allocate corporate income to shareholders.
We work with nonprofit organizations to incorporate and obtain their tax exempt status under Section 501(c)(3) of the Internal Revenue Code. There have been recent changes to obtaining 501(c)(3) status and we have worked with organizations in submitting successful applications on the simplified track by filing a 1023-EZ and the more rigorous 1023 application for larger organizations.
Nonprofit Organization is used as a broad-based term that encompasses all organizations that are known variously as charities, nonprofits, non-governmental organizations (NGOs), private voluntary organizations (PVOs), civil society organizations (CSOs), etc. Not for Profit Organizations are regulated by local, state and federal laws.
The purpose of a non-profit corporation or association is to conduct business that benefit of the general public without shareholders and without a profit motive.
Please email us using office@office@victor-clayton.com to schedule your Legal Assistance Consultation. Due to Covid 19, we work virtually assisting Local and Global Clients wherever they may be through our affiliated network of Lawyers and Advocates in Europe, Asia & Africa.
*Our fee is in accordance to the DC Bar Association Regulations with the minimum charge being USD 100/per hour.*
