During an escrow period, funds are held by a third-party before disbursement to the other parties. For escrow to be safe for all involved parties, those who have contributed funds to the escrow company cannot have access to those funds. Consequently, the escrow company is going to need to create an entity that has a separate […]

When an individual, family, or other entity places assets into a trust, and then that trust provides income to the donor as well as a charity, it’s known as a pooled income fund. A pooled income fund is a way for a donor to gain a steady income from their assets while also giving to […]

A type of mutual fund, a pooled income fund occurs when numerous assets are pooled together within a single fund for the ultimate benefit of charity. During the donors’ lifetimes, income is given to them from the fund. After the donors have passed on, the assets pass on to charity. A pooled income fund therefore manages the […]

A political organization is unique in the way that it is made up. A political organization brings a group of individuals with a common purpose together as they work towards a goal. These goals could be to help an individual become elected to office, to help a bill get passed, or to raise awareness of […]

A household employer is unique in that you usually do not think of this type of person as a business or an organization. Thus, you may be asking yourself, do they or do they not need to obtain a Tax ID (EIN) number? As a household employer, you need to be thinking about all of […]

Do you have a sense as to what the legal terminology is pertaining to a government, federal/military? The Internal Revenue Service recognizes a federal or military governmental organization as its own entity. The entity itself needs to be in compliance with the regulatory agreement to which it is subject. It is all about the knowledge […]

When you have a memorial or scholarship fund, you want to do all that you can to keep it in good standing. With so much work going into establishing the memorial or scholarship fund, the last thing you want to do is for it to fall out of compliance with the Internal Revenue Service. This […]

A personal service corporation is going to require a bank account to do a variety of business activities. When you think about it, just about any corporation, no matter the type, will have to have a bank account. A bank account is going to be necessary in order to hold any of your liquid cash, […]

A personal service corporation is going to serve one of many different things to its customers. When you are a personal service corporation, you are providing something for your core consumers. In exchange for that service, you are getting revenue in return for it, helping you further grow the business. When you think about a […]

As a joint venture, do you have a good sense as to what you have to do to comply with the Internal Revenue Service? Do you know whether or not you need something such as a Tax ID or employer identification number? When you are acting as a joint venture, you want to be organized, […]