The process of creating a tax-exempt organization is generally viewed as a difficult process and while the individual steps can be daunting and time consuming, the differences between beginning a corporation and beginning a tax-exempt corporation are largely similar. This article will discuss the chief differences that should be noted when starting a tax-exempt corporation as well as briefly address liability issues with unincorporated organizations and LLCs. The focus of this article is on Nebraska and corporations being formed under its laws, however, because tax-exemption is largely a creature of federal law much of the article is applicable to corporations formed in other states as well so long as care is given to address differences in state corporate law.
Article II of the United States Constitution creates the framework for the Executive Branch. Section 1 states the qualifications for the president – must be a natural-born citizen, 35 years of age, and have been a resident of the U.S. for at least fourteen years – while Section 4 states that “the President, Vice President […]
Distinguishing between an employee and an independent contractor lies on a thin line of control. The IRS defines this control by utilizing three categories: behavioral control, financial control, and the type of relationship. As an employee, an individual is entitled to certain benefits that an employer generally guarantees such as health care, pension plan, or […]