Legal Question in Business Law in New Jersey
Donations for LLC
I own a small LLC--informational website which generates very little revenue. Is it possible to receive donations from visitors? Are is an LLC prohibited from receiving informal donations from individuals?
Asked on 8/11/03, 7:34 pm
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: Donations for LLC
As long as you do not imply that the donations ate tax deductible, and are merely to assist the development of the site, they should be OK. If you imply they will be tax deductible without having an IRS charitable recognition, you are defrauding the public and can be liable.
Answered on 8/13/03, 5:15 pm
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