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Legal and Regulatory Requirements for Non-Profits and Social Enterprises -…
Legal and Regulatory Requirements for Non-Profits and Social Enterprises
Non-Profits
Legal Requirements
File articles of incorporation
Obtain a tax ID number w/the IRS
File annual information returns w/the IRS
Maintain tax exemption status
Register appropriately with your state
Comply with all federal laws/regulations
Regulatory Requirements
Comply w/charitable solicitation regulations
Implement donor information security measures
Establish/maintain an appropriate governance system
Maintain accurate/detailed records applicable to annual reporting
Social Enterprises
Legal Requirements
Adopt a legal framework that fits the organization
Evaluate applicable tax laws
Track income/expenses pertaining to business and enterprise
File appropriate tax returns
Keep on time with any payments required
Maintain records
Regulatory Requirements
Evaluate which requirements will pertain to the business
Obtain necessary permits/licenses
Register trademarks and/or copyrights
Protect patents/trade secrets
Complete any additional licensing requirements
Similarities in Legal/Regulatory Requirements between Non-Profits and Social Enterprises
Complete appropriate state registrations
File annually w/the IRS
Compliance with all federal laws/regulations
Implement security measures for information
Maintain accurate records
Differences in Legal/Regulatory Requirements between Non-Profits and Social Enterprises
Filing depends on legal framework chosen
Tax exemption status varies
SE may not utilize a board
SE may not need charitable regulations
Licenses/permits/etc vary for SE