By Paralegal on January 31, 2010
The IRS explains, in simple terms, the purpose of a conflict of interest policy:
Charitable organizations are frequently subject to intense public scrutiny, especially where they appear to have inappropriately benefited their officers, directors, or trustees. The IRS also has an oversight role with respect to charitable organizations. An important part of this oversight is providing [...]
Posted in Asked and Answered, Board of Directors, Nonprofits
By Sharmil McKee on January 31, 2010
This article highlights certain issues relating to your business’ operation that are important in maintaining limited personal liability and all tax benefits of doing business in the corporate form.
1. Benefits of Corporate Form
The limited liability and tax benefits of doing business in the corporate form result from the corporation’s being treated as a separate entity. [...]
Posted in Board of Directors, Start-ups | Tagged business
By Sharmil McKee on April 10, 2009
I received this legal question by email:
We own a family business, an
S corp. Two brothers are equal share holders. We have a Board of Directors with three directors. We have three officers; One of the officers is also a 50% shareholder. The Wife of the Pres. who holds no office was printing financial reports and [...]
Posted in Asked and Answered, Board of Directors, Management | Tagged by-laws, family disputes
By Sharmil McKee on September 19, 2008
Can family members serve together on the same board of directors of a church?
I received the following questions by email:
Can family members serve together on the same board of directors of a church?
This is my answer:
Absolutely, in fact, it is probably practical given that most families share the same values, including religious faith and community-involvement. [...]
Posted in Asked and Answered, Board of Directors, Nonprofits | Tagged board of directors
By Paralegal on April 11, 2008
A business owner asked this legal question by email:
Does an LLC need officers?
Yes. An LLC is an Limited Liability Company. An LLC that is doing business in Pennsylvania must be registered with the Department of State. Pennsylvania requires all businesses to register a President, Secretary, and Treasurer. The good news is that one person can [...]
Posted in Asked and Answered, Board of Directors, Start-ups | Tagged LLC, officers
By Paralegal on July 31, 2007
In a recent study by the American Justice Partnership, Pennsylvania ranked 48 out of 50 states as providing the worst legal climate for tort liability. The study states that PA is tort-friendly and change is NOT on the horizon. In short, the study argues that Pennsylvania’s current liability laws stifle business growth and job creation. [...]
Posted in Board of Directors | Tagged board of directors, Litigation
