$85.00
Choice of Entity for Nonprofits & Obtaining Tax Exempt Status, Part 1
Counseling a client about choice of entity for a nonprofit or charitable enterprise is a multilayered process. First, clients need to understand that not all nonprofits are charities. Even if the enterprise is nonprofit and charitable in nature that does not necessarily mean the enterprise is eligible for tax-exempt status. Once these distinctions are made, attorneys need to counsel clients about the subtle advantages and disadvantages of four major types of entities, all formed under state law. Second, there is the distinct issue of how that entity is classified for federal tax purposes. Each classification comes with its own subtle tradeoffs. This program will provide you with a practical guide to non-profit choice of entity and obtaining tax-exempt status.
Day 1 – August 30, 2022:
Framework of major choice of entity considerations for nonprofit and charitable organizations – corporations, LLCs and trusts
Private foundations v. public charities – tradeoffs, costs, compliance
Restrictions on the activities and investments of each type of entity, including joint ventures with profit-making organizations
Day 2 – August 31, 2022:
Considerations involving joint ventures between for-profit and non-profit entities
Practical Process of obtaining tax-exempt status – eligibility, timelines, and costs
Counseling clients about ongoing compliance reporting
Speaker:
Michael Lehmann is a partner in the New York office of Dechert, LLP, where he specializes in tax issues related to non-profits and in the tax treatment of cross-border transactions. He advises hospitals and other health care providers, research organizations, low-income housing developers, trade associations, private foundations and arts organizations.He advises clients on obtaining and maintaining tax-exempt status, executive compensation, reorganizations and joint ventures, acquisitions, and unrelated business income planning.Mr. Lehmann received his A.B., magna cum laude, from Brown University, his J.D. from Columbia Law School, and his LL.M. from New York University School of Law.
Disclaimer: All views or opinions expressed by any presenter during the course of this CLE is that of the presenter alone and not an opinion of the Oklahoma Bar Association, the employers, or affiliates of the presenters unless specifically stated. Additionally, any materials, including the legal research, are the product of the individual contributor, not the Oklahoma Bar Association. The Oklahoma Bar Association makes no warranty, express or implied, relating to the accuracy or content of these materials.