Legal Question in Business Law in Massachusetts
Starting a new venture
I would like to start a Dart league. Typically, a bar ''sponsors'' a team for $125 per each 3 month season. I would like to use that revenue - deduct expenses (forms, postage, envelopes), and pay back to the members. I just don't know what the laws surrounding this type of thing are.
1) Do I need to incorporate?
2) DO I need a tax ID?
3) what will this cash payout to the winners mean from a tax standpoint?
note* there already is one league in this area, they use the revenue to pay the board members and buy t-shirts and plaques.
Thank you.
Asked on 8/15/05, 2:56 pm
1 Answer from Attorneys
Joseph Murray
Joseph M. Murray, Esq.
Re: Starting a new venture
You could consider forming a non profit corporation under MGL chapter 180. Good Luck!
Answered on 8/15/05, 3:18 pm
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