Unlock eSignature Legality for Non-Profit Organizations in the United States

How to eSign a document: eSignature lawfulness for non-profit organizations in United States

[Music] hello everyone and welcome to another episode of coffee with carl my name is carl zellner i'm one of the attorneys with anderson business advisors and we're going to be talking a little bit about non-profits today and maybe when you should start looking at one within your own say investing portfolio or if you just have a charitable purpose in mind and would like to know when or where or how to get started on setting one up first of all just does a little piece of housekeeping want to thank all of you folks out there that are watching and liking the videos and commenting comments are great as well if you would want to see some other subjects covered or have suggestions please just put them in the comment area and we'll start compiling some of those and the ones that are that we think would generate a good video i'll make a video on them so let's get into our subject of today is non-profits all right so first part of this is my personal opinion so this is not something you have to do or don't want to do don't worry about it but this is my personal opinion is when starting a non-profit you should have a charitable goal in mind okay there are some great tax benefits to using non-profits having a non-profit controlling a non-profit uh but for long-term success of that non-profit and actually reaching those goals uh i would not generally suggest setting up a non-profit if it was only for tax motivated purposes there are some different things that go into running a non-profit some compliance general accounting things like this that make this it needs to also be a passion project or something you're intent on doing in order for long-term excess in my opinion and for what i've seen uh non-profits are great okay it's better to have them be a qualified non-profit generally we're looking in working in the 501c3 area when we talk about non-profits but it's a great way to help benefit humankind as well as you know say if you want to help veterans or you know the homeless maybe even single mothers heck even people getting say people if you want to run like halfway houses or even say residential assisted living facilities there's a spot for that in a non-profit in which you can use it so anything that you want to do for the benefit of society normally there's a space for it non-profits a great way to go about it especially since you can receive donations those donation donations are tax deductible to the person donating the funds and by the way now that we sort of got into this tax realm you can actually even donate to your own nonprofit okay so what's nice is currently you can even donate depending if you've got expendable income or say have a high w-2 job or you're a well-paid employee and you're earning more money than you use you can actually donate that access to that non-profit and save a substantial chunk of money currently the contribution limit or the donation limits for individuals is right at 60 percent so that can make a big difference for you folks who are doing your w-2 and if we run through the scenario of if i control a non-profit say it's my i i sort of skirt around saying my non-profit because non-profits are really for the public benefit so the public technically would own them or are the shareholders of that business but i can still control it i could even put veto powers things like that to make sure i retain control but say i'm a high w-2 earner want to move some of that income so i'm not paying so much in taxes i can donate to my own non-profit and now i still have control over the money through my non-profit since i'm on the board of my nonprofit and i can reinvest in say affordable housing now toby's got a video that goes much farther in depth and we actually even teach a two-day class on non-profits and we even touch on them and spend some time on them in our asset protection classes that we do all over the country so if you really like to take a serious look at start maybe starting your own non-profit or seeing what it costs to start a non-profit i would encourage any of any or all of you who are interested to please give us a call go through our website you can schedule a consult and we can talk about what the appropriate say the appropriate route would be give you reasonable expectations of time and cost for setting one of these up they're a great tool many many many of our clients use them in all sorts of different ways but like i said my opinion is if you need to have a charitable purpose in mind first and then we work on using this non-profit to also get you the biggest tax benefit you can as well lots of options out there so that's all i got for today it was great talking with you as usual thanks for joining me with coffee with carl and we'll catch you on the next episode [Music] you