All nonprofit corporations should have bylaws in place. Even non profit organizations that are not corporations should choose to have them for several reasons, but especially because they establish guidance and clarity for the decision-makers. Bylaws contain rules that govern how the board of … [Read more...]
Are Royalties Unrelated Business Income for Chicago Nonprofits?
While nonprofit organizations are generally exempt from income tax, they are required to pay taxes at normal corporate rates on their unrelated business income. According to the Internal Revenue Service (IRS), “unrelated business income is income from a trade or business, regularly carried on, that … [Read more...]
Choosing the Best Business Structure for Your Chicago Small Business
Deciding which business structure is best for your organization can depend on several factors, from the number of owners to the industry being served to the business location. Regardless, choosing the right business structure will usually determine how your business is governed and taxed and assign … [Read more...]
What is a Chicago Tax Exempt Number?
A tax-exempt number is an important identification number for certain businesses in the state of Illinois or any state for that matter. A tax-exempt number, or sales tax-exempt number, is a number issued by the State that allows approved entities or organizations to forgo the payment of sales … [Read more...]
What’s Involved With Dissolving a Chicago Nonprofit?
Dissolving a nonprofit can be complex, complicated and emotional. There can be many reasons for the choice to dissolve. It may be the organization fulfilled its mission, or insurmountable challenges making it difficult for the organization to sustain its existence. Perhaps your nonprofit is merging … [Read more...]