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New york blog 2016

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New York / Blog 2016

Business Organization in New York: For-Profit versus Not-For-Profit Corporations

The incorporation or organization of an entity as either a for-profit or not-for-profit corporation carries significant benefits over an unincorporated entity, including personal asset protection, additional name and brand protection, taxation flexibility, deductible expenses, and perpetual existence. Depending on the intended purpose and structure of the entity, it may qualify for not-for-profit status, which significantly decreases the taxes assessed against the entity, but limits the scope of certain aspects of its operation, including mandating certain aspects of management and limiting distribution of profits and other activity. Whether an entity wishes to organize as a for-profit or not-for-profit corporation, working with a skilled attorney experienced in business organization is always recommended. (October 05, 2016) – Read More…