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Message
OT Lawyers - Non profit organizations
Posted on 11/3/17 at 12:06 pm
Posted on 11/3/17 at 12:06 pm
Is there a legal requirement that a non profit have a bank account? It’s obviously the best practice to prevent accusations of theft but legally can a non profit operate out of a personal account?
12
Posted on 11/3/17 at 12:07 pm to okietiger13
Tasha, you are already being investigated by the AG. Quit your damn scamming.
Posted on 11/3/17 at 12:08 pm to okietiger13
We're not helping you steal more money, Mayor Broom
This post was edited on 11/3/17 at 12:08 pm
Posted on 11/3/17 at 12:08 pm to okietiger13
No. The IRS goes by the Honor Code, so if you tell them you're not stealing any money and you mean it, you're good.
Posted on 11/3/17 at 12:09 pm to okietiger13
This seems like a terrible idea
Posted on 11/3/17 at 12:13 pm to okietiger13
Unlike your charity party, CPAs and lawyers don't typically give free shite away.
Posted on 11/3/17 at 12:17 pm to okietiger13
Depends. There are a certain set of regulations that must be followed for all non-profits (for tax and audit purposes), but I do know that regulations and requirement get more stringent depending on the source of funds.
For example, if you are an entity that gets any form of state funding or support, bank accounts (and recs) must exist, as the entity is subject to an audit with results often provided to Legislative Auditor.
Anytime ANY operation runs on just cash is huge red flag, however (obviously)
For example, if you are an entity that gets any form of state funding or support, bank accounts (and recs) must exist, as the entity is subject to an audit with results often provided to Legislative Auditor.
Anytime ANY operation runs on just cash is huge red flag, however (obviously)
Posted on 11/3/17 at 12:17 pm to okietiger13
Yet another white collar crime if trying to get out of paying proper taxes.
Posted on 11/3/17 at 12:23 pm to okietiger13
What type of non profit? 501 c 3?
Posted on 11/3/17 at 12:42 pm to Brodeur
quote:
What type of non profit? 501 c 3
No. It’s just a general nonprofit registered in the state of LA
Posted on 11/3/17 at 12:44 pm to okietiger13
Oh Kibbles, is the OT the team of lawyers you always talk about?
Posted on 11/3/17 at 12:45 pm to okietiger13
Why are you asking
Posted on 11/3/17 at 12:54 pm to okietiger13
quote:
Non profit organizations
No such thing
Posted on 11/3/17 at 12:54 pm to okietiger13
quote:
It’s just a general nonprofit registered in the state of LA
Get a separate bank account. You never know when the state will try to rob you.
Posted on 11/3/17 at 12:58 pm to boosiebadazz
quote:
Why are you asking
Because it’s seems like it should be illegal but I can’t find a statute regulating it.
Posted on 11/3/17 at 1:00 pm to okietiger13
Ahh, you should google “piercing the corporate veil”
Posted on 11/3/17 at 1:01 pm to okietiger13
if the entity has its own Tax ID then it should have it's own account.
If it doesn't have its own Tax Id, then it really isn't a true non-profit in the eyes of the IRS.
If it doesn't have its own Tax Id, then it really isn't a true non-profit in the eyes of the IRS.
Posted on 11/3/17 at 1:06 pm to bowlbound
I’m not concerned with the IRS. I’m concerned with LA criminal law.
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