Community Empowerment Matters

          When first considering the benefits of forming an entity for your business, it is natural to focus on liability protections.   Perhaps, it is even more natural to focus on investors, particularly how many you anticipate and whether you are open to granting equity in your business.   However, this blog post highlights an additional consideration that, in some circumstances, may be the primary factor in determining which entity structure is best for your business: How will your business be taxed?   For the purpose of simplifying this illustration, the Limited Liability Company (LLC) was selected for comparison because of the prevalence at which it is selected and its specific attractiveness to small businesses.   This blog post focuses narrowly on the specific tax benefits of the S Corporation (S Corp) structure in comparison to the LLC structure.   https://images.app.goo.gl/qjGQeGWSGCkXqUxQ7               Beginning with the similarities, both the S Corp and the LLC are subject

  What is governance in a nonprofit organization and what is the board of directors’ role? Governance plays a role in all organizations, and a nonprofit is no exception. In a nonprofit organization, governance involves not only how the organization is led but also how decisions are made with a commitment to integrity and in the best interests of the nonprofit’s mission. Nonprofit governance starts with the board of directors. The board of directors is responsible for the following governance areas: [1] , [2] Determine the nonprofit’s policies and goals Decide how the nonprofit will address major transactions Verify that the nonprofit maintains internal controls to prevent any misappropriation of assets or fraudulent transactions Manage risks Act as a resource for staff or volunteers Monitor performance Review annual budgets and plan for the future Verify that the organization has the appropriate resources (both human and financial) to carry out the organization’s mission