Legal Question in Business Law in California
can a limited liability partnership become a nonprofit ?even though its not incorporated
Asked on 10/05/09, 12:02 am
2 Answers from Attorneys
Theoretically a non-profit can have pretty much any business form a for-profit can have, depending on the purpose of the non-profit, though "unincorporated association" and corporation are most common. Bear in mind that there are many more kinds of non-profit than just your 501(c)(3) tax exempt charity.
Answered on 10/05/09, 2:03 am
Seshadri Srinivasan
www.lawconcern.com
There is no legal bar to an LLP from converting to a Not for profit business as far as its objective goes. However, Tax and other laws may require certain steps before recognizing such LLP as not-for -profit organization.
Answered on 10/05/09, 3:35 am
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