Starting a business is a tough decision that sometimes makes you give up everything to chase your dreams. Your passion could be about making the perfect cup of coffee, fixing cars or becoming the owner of a bookstore. All are noble pursuits that take imagination, drive and ambition to make into a small business. What if your passion lies in helping others, maybe raising money for a cause that is dear to your heart. Something like that would be under the realm of a non-profit company and, navigating the setup of a non-profit, is something that would benefit from consultation from a business law professional.
At Lyons|Sullivan we are the 501(c) experts and can help you navigate through the official government paperwork that is needed to establish your foundation. As was noted before the government makes it somewhat difficult to completely understand some of the qualifications and it is advisable that a legal review of all of your paperwork is conducted. It is basically about protecting yourself and giving the cause you so deeply believe in the best chance to do well.
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Of course, foundations and organizations with a specific cause are not the only tax exempt entities and in the next few blogs we will discuss some of the non-profit or tax-exempt classifications. Until then, if you have any questions about the direction to take your desire to start a business. The legal experts at Lyons|Sullivan are only a phone call away and always appreciate an inquiry.