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Legal and Regulatory Requirements - Coggle Diagram
Legal and Regulatory Requirements
Non-Profit
Legal
Corporate Purpose Statement
Articles of Incorporation
Regular Meetings
Unable to operate for profit
Funds stay within
Regulatory
Bylaws-Create and Abide
State Laws-sometimes Local and Federal
Maintain records and books
Tax Exempt Status
Social Enterprise
Legal
Options
LLC
Benefit Corporation
Traditional Corp
Regulatory
Bylaws
Board Member
Governed by State Law
Increased Reporting
501(c) 3
Similarities
Public Benefit
Positive Impact
Annual Statement Filing
Scrutiny
Community
Bylaw Creation
Start up fees
Differences
Non-Profit
Low Cost
Can be Social Enterprise
No Shareholders
No owners
Disclosure of Records
Financial
Governance
Social Enterprise
Shareholder Benefit
Meetings
May need to be held
Depends on type of for-profit
Grants
Unable to receive
Tax-Deduction
Ineligible