View Single Post
  #4   Spotlight this post!  
Unread 18-09-2007, 12:27
JohnBoucher JohnBoucher is offline
Blue Shirt
FRC #0237
 
Join Date: Jan 2004
Rookie Year: 2003
Location: Watertown, CT
Posts: 2,927
JohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond reputeJohnBoucher has a reputation beyond repute
Re: Non Profit Organization

A google search brings up this info.

Quote:
I am forming a multi-media production/publishing entity which focuses on educational, religious, & literary themes, as well as socio-political themes, which will be offered to religious & educational institutions, as well as the public at-large. In consideration of forming as either as an LLC or a 501(c)(3), 1)Can an LLC accept charitable contributions? 2)Can a 501(c)(3) also be a 527 corp?
You should not try to distinguish between a 501(c)(3) and a limited liability company (LLC). 501(c)(3) is a tax-exempt status for charities. LLC is a type of entity. Several types of entities, including corporations, trusts, and LLCs, can qualify for Section 501(c)(3) charitable status if they are organized and operated exclusively for charitable purposes. An entity that is recognized as a charity under 501(c)(3), including an LLC, may accept and give deductibility to charitable contributions. An LLC that has a single charity as its sole member is a "disregarded entity" and does not need to obtain a separate recognition as a 501(c)(3), but the IRS has not ruled tht gifts to such an entity are deductible. (See Ready Reference Page: "LLCs Becoming Entity of Choice for Subsidiaries.")
Section 527 is the section that exempts political organizations from income tax. A charity may not engage in political activity, and a 501(c)(3) may not also be a 527.
Reply With Quote