Legal Question in Business Law in Nevada
501c3 Corporations
Are there shareholders in a 501c3 Corporation? If not, is there a way to have participants in this type of organization to to be compensated without public disclosure of their identity?
Asked on 11/23/08, 2:33 am
1 Answer from Attorneys
Warren Markowitz
Warren R. Markowitz, Esq
Re: 501c3 Corporations
The concept and purpose of a 501c(3) Corp is for charitable purposes, and the profiting of the shareholders is not acceptable. See http://www.irs.gov/charities/charitable/article/0,,id=96099,00.html for additional information from the IRS.
As for compensation of the participants, I do not believe that you can keep their identities a secret as there are subsequent filings requiring disclosure of activities and operations in order to maintain the exempt status.
Answered on 11/23/08, 2:48 am
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