Legal Question in Business Law in Illinois
I have a question regarding non-profit organizations. I run a race team based out of Northern Illinois. We are currently working on a partnership with a major charitable organization. Our team is not incorporated yet. We want to register as a non for profit organization. All donations from sponsors will go to upkeep and travel expenses for our race vehicle and all proceeds after our general cost will be donated to our partner organization. Would this be classified as a non profit organization? If so, can we form an LLC or would we need to incorporate as an S or C corporation?
1 Answer from Attorneys
If your organization is going to be non-profit, then you probably form an Illinois not-for-profit corporation. The filing fee is much cheaper that for forming an LLC or business corporation. Information is available on the Illinois secretary of state website at http://www.cyberdriveillinois.com/publications/pdf_publications/c165.pdf
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