Legal Question in Business Law in Oklahoma
My husband and I are organizing a motorcycle rally to raise money for a local non-profit dog rescue. All the money raised will go directly to the dog rescue. It has been suggested we set up a company to limit our personal liability in case anything may happen during the event. We are asking companies for donations, either for actual items to raffle or monetary donations to help offset the cost of rental fees. Do we need to set up a company? Or is insurance all we need, along with waivers for our volunteers? Do we need an actual company to solicit donations?
We are new to organizing a fundraiser so any help will be appreciated.
1 Answer from Attorneys
Yes, You must be a legal non-for-profit if seeking monitary or in-kind funds donations from companies or individuals and the fundraiser must support non-profit activities to adhere to IRS tax exemption regulations. This is usually required assure tax write offs are credited to these contributors or donators when they report to the IRS and/or to assure the funds are contributed to or supporting a legally recognized charitible organization. If you need help to complete these requirements, to set up your non-profit or to other administrative requirements or exemptions,we will happily assist you at minimum expense.
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