Re: quick question on nonprofit status
Re: quick question on nonprofit status
- Subject: Re: quick question on nonprofit status
- From: "Chuck Joiner" <email@hidden>
- Date: Tue, 17 Feb 2004 15:03:27 -0500
Would it be a correct assumption that you're referring to the fiduciary
liability, Mac, and not general, casualty liability?
Some states have language that can be entered into your charter or
bylaws that help protect your Board and officers. You might want to look
into that as well.
---Chuck
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We met with our personal attorney, who happens to be the leader of a very
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large soccer club here, to get his view. The central issue from the
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attorney's perspective is PERSONAL LIABILITY PROTECTION for officers of the
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club. As an officer of a club, it is our understanding that you are liable
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for anything that occurs in the club, UNLESS the club is structured as a
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corporation or non-profit.
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Yes, it's easy to get a state Tax ID number. And, yes, it's easy to set up a
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bank account in the name of the club as a DBA. However... and we think this
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is a BIG HOWEVER... Don't kid yourself... your bank account is actually held
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in the name of an individual or multiple signers... whether it is a new
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account or an old account. And that means you are personally liable.
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If you are comfortable with the personal liability, then fine... end of
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conversation. Might as well keep it as simple as possible. If you are NOT
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comfortable with the liability and the potential consequences of being sued,
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then the alternative is to structure the clue as some kind of corporation or
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non-profit organization. It is our understanding that that is the only way
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to protect yourselves legally as officers of the club.
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