Tandem Nonprofit And For-Profit Cos. Must Walk Fine Line
Law360 (June 7, 2018, 3:05 PM EDT) -- One of the basic principles of tax-exempt law is that charitable and educational organizations — so-called 501(c)(3) groups after the corresponding section of the tax code — must be formed for public purposes, not for private benefit. For most purposes, this means that compensation and expenses must be reasonable and that the directors have to put the best interest of the organization and its mission ahead of anyone’s individual or collective personal interest. Providing an improper or excess private benefit — one that isn’t reasonable or which serves the interest of the individual rather than the nonprofit — exposes the organization to fines and penalties...
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