At The Schatzman Law Firm, we believe that providing support to our community organizations is extremely important. A nonprofit organization, or a 501(c)(3), has a unique role in the community and serving the community, or specific peoples in the community, requires ample time, talent, and resources. Nonprofits are experts in helping others, and their time and resources should be focused as such. Leave the legal concern to The Schatzman Law Firm.
The Schatzman Law Firm not only has extensive experience representing nonprofit organizations, but also private foundations, civic organizations, and other tax-exempt entities. Additionally, Scott Schatzman offers a unique perspective in nonprofit entities as an active member in the community. He has volunteered and served as a board member for nonprofit organizations, so he understands firsthand the needs of nonprofits. Whether you are planning the formation of a nonprofit, or if you are an established nonprofit looking for legal counsel, The Schatzman Law Firm can help.
Nonprofit entities must comply with specific rules and regulations, and it is essential to have an attorney who knows these specifics. We understand that nonprofits and foundations have different requirements to meet than for-profit corporations, and the tax-exempt status is reliant upon meeting these requirements. The formation of a 501(c)(3) is tedious. It requires incorporating a nonprofit entity compliant with the law and filing an application for tax-exempt status with the Internal Revenue Service (IRS). To maintain the tax-exempt status, your organization must comply with IRS regulations not only at formation, but while operating as well.
Other nonprofit-specific matters include maintaining corporate formalities and avoiding conflicts of interest. This requires structure, a formal process, and policies to be created and updated. As additional annual reporting is required from a legal and tax perspective, it is important to retain competent and experienced legal counsel and tax advisors. Further, we can assist with issues that nonprofits share with other businesses such as contract review, which includes but is not limited to purchasing and leasing real estate, as well as other policy requirements. Our law firm will provide guidance through all of this and will ensure that your nonprofit can focus on serving the community.