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Archive for the Business Entities Category

501(C)(6) Nonprofit: Business Leagues

501(c)(6) | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the last of a four-part series on nonprofit business entities. Section 501(c)(6) offers tax exemption to 501(c)(6) Business Leagues, nonprofit business leagues, chambers of commerce, real estate boards, boards of trade, and professional football leagues, so long as no part of the net earnings of the organization are inured to the benefit of […]

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501(C)(5) Nonprofit: Agricultural

Deferring Capital Gains

By Dean ‘Mac’ Nichols, Attorney   This is the third of a four-part series on nonprofit business entities. An organization that falls under the 501(c)(5) category is tax-exempt as a labor, agricultural, or horticultural organization. The conditions for exemption of these organizations include: • That the net earnings of the organization do not inure to benefit any member, • And that […]

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501(C)(4) Nonprofit: Political

501(c)(4) | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the second of a four-part series on nonprofit business entities. 501(c)(4) political organizations are tax–exempt organizations granted exemption for a variety of reasons. They can be: • Civic leagues, • Organizations not organized for profit, but operated exclusively for promoting social welfare, • Local associations of employees in which membership is limited to […]

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501(C)(3) Nonprofit: Charitable Organizations

501(c)(3) | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the first of a four-part series on nonprofit business entities. 501(c)(3) charitable organizations are the most common type of tax-exempt organizations, and are more often known as charitable organizations. These include public charities, private foundations, or private operating foundations. The majority of 501(c)(3) organizations are nonprofit corporations, but trusts, community chests, LLCs, and […]

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Buy-Sell Agreements

Historic Rehabilitation Credit

By Dean ‘Mac’ Nichols, Attorney When is the last time you viewed your company’s buy-sell agreement (BSA)? If you can’t remember, or if your business doesn’t have a BSA in place, then now is the time to take action. BSAs are designed to dictate what happens when an owner retires, dies, becomes disabled, or leaves the company. A BSA will describe […]

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Business Entities: LLCs

LLC | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the last of a three part series on different corporation types. An LLC, or a Limited Liability Company, is a hybrid type of legal structure allowed by state statute. This means that each state has different regulations, so the rules for LLCs in Virginia may differ from those in other states. LLCs provide […]

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Business Entities: C Corporations

C Corporation | Layman Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the second of a three-part series on different corporation types. A C corporation, referred to simply as a corporation, is a business that acts as an independent taxpaying entity that conducts business, realizes net income or loss, pays taxes, and distributes profits to its shareholders. As a separate legal entity, a C corporation […]

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Business Entities: S Corporations

S corporation | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the first of a three-part series on different structures of business entities. An S corporation, also known as a subchapter S corporation, is a pass-through tax entity. This means that income is passed through to shareholders in proportion to their investments and taxed at personal income tax rates. A corporate entity provides a […]

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Employee Classifications: Employees vs. Independent Contractors

Independent Contractors | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   As your business begins its hiring process, use IRS guidelines to determine if each person is an employee or an independent contractor. This employee classification affects the amount of taxes you pay and the tax documents you need to file, as well as whether or not taxes are withheld from workers’ paychecks. While there are […]

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Business Entities: Legal Structure Overview

Business Entities | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   When starting a business, one of the most important—and at times, most difficult—decisions involves determining what kind of legal structure is the best fit for your company. This decision will impact many aspects of your business: how much you pay in taxes, whether or not you are personally liable, your ability to raise funds, and […]

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