Special Purpose Entities
Special Purpose Entities
Limited Liability Partnership
A Limited Liability Partnership (LLP) operates much like a limited partnership, but allows the partners of the LLP to take an active role in the business of the partnership, without exposing them to personal liability for others’ acts except to the extent of their investment in the LLP.
Please contact the following attorney for your LLP needs:
Professional Corporation are a legal structure authorized by the state for a fairly narrow list of licensed professions, including architects, lawyers, accountants, dentists, public accountants, and veterinarians as well as some other licensed professionals.
Please contact the following attorneys for your professional corporation needs:
Professional Associations is a legal structure authorized by the state for a fairly narrow list of individuals for the purpose of providing the professional service rendered by a doctor of medicine, doctor of osteopathy, doctor of podiatry, dentist, chiropractor, optometrist, veterinarian, or licensed mental health professional.
Please contact the following attorneys for assistance with your professional association needs:
A nonprofit corporation is an organization formed as a corporation for purposes other than generating a profit, and in which no part of the organization’s income is distributed to its directors or officers. Nonprofits are formed pursuant to state law. A nonprofit can be a church or church association, school, charity, medical provider, legal aid society, volunteer service organization, professional association, research institute, museum, or in some cases a sports association. Being formed with the state as a nonprofit corporation does not automatically provide an organization with tax-exempt status. Nonprofits must apply for tax-exempt status at the federal and sometimes at the state level.
To qualify for federal tax-exempt status under 501(c)(3) of the Internal Revenue Code, the nonprofit must be organized and operate for some religious, educational, charitable, scientific, literary, testing for public safety, fostering of national or international amateur sports, or prevention of cruelty to animals or children purpose permitted under this section of the code. Nonprofits may also be formed for other purposes pursuant to different sections of the Internal Revenue Code. To qualify for federal tax-exempt status as a nonprofit under a different section of the code, your corporation must comply with the requirements of that federal tax code section.
The business purpose of the nonprofit must be listed in the articles of incorporation, and to apply for tax-exempt status, it is very important that the purpose of the organization be well described in the articles.
Please contact the following attorneys for assistance with your nonprofit needs: